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The RPEs of RBCs and other DSGEs
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dc.contributor.author | Evans, David | |
dc.contributor.author | Evans, George W. | |
dc.contributor.author | McGough, Bruce | |
dc.date.accessioned | 2024-07-09T23:37:16Z | |
dc.date.available | 2024-07-09T23:37:16Z | |
dc.date.issued | 2022-07-10 | |
dc.identifier | 280571995 | |
dc.identifier | 7cb1df28-23f9-4a6d-bbbf-42b1d36b4f60 | |
dc.identifier | 85136007089 | |
dc.identifier | 000847422800005 | |
dc.identifier.citation | Evans , D , Evans , G W & McGough , B 2022 , ' The RPEs of RBCs and other DSGEs ' , Journal of Economic Dynamics and Control , vol. In Press , 104492 . https://doi.org/10.1016/j.jedc.2022.104492 | en |
dc.identifier.issn | 0165-1889 | |
dc.identifier.other | RIS: urn:6C8CDB1903FBBCB13F8B2D61D238A113 | |
dc.identifier.uri | https://hdl.handle.net/10023/30135 | |
dc.description.abstract | In a broad class of non-linear representative agent models, represented by a system of difference equations, we replace rational expectations with linear forecast models conditioning on a predetermined set of regressors. Within this framework, a restricted perceptions equilibrium (RPE) corresponds to a forecast rule that is optimal within that class of models. Local uniqueness of a stationary rational expectations equilibrium (REE) near the non-stochastic steady state is shown to guarantee the existence, uniqueness and E-stability of an RPE local to that steady state. A benchmark RBC model with government spending shocks illustrates the theoretical results. | |
dc.format.extent | 497174 | |
dc.language.iso | eng | |
dc.relation.ispartof | Journal of Economic Dynamics and Control | en |
dc.subject | Real business cycle model | en |
dc.subject | Adaptive learning | en |
dc.subject | E-stability | en |
dc.subject | Restricted perceptions | en |
dc.subject | HB Economic Theory | en |
dc.subject | T-NDAS | en |
dc.subject | AC | en |
dc.subject.lcc | HB | en |
dc.title | The RPEs of RBCs and other DSGEs | en |
dc.type | Journal article | en |
dc.contributor.institution | University of St Andrews. School of Economics and Finance | en |
dc.identifier.doi | 10.1016/j.jedc.2022.104492 | |
dc.description.status | Peer reviewed | en |
dc.date.embargoedUntil | 2024-07-10 |
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