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The purpose of this paper is to assess the relevance of rational expectations solutions to the class of linear univariate models where both the number of leads in expectations and the number of lags in predetermined variables are arbitrary. It recommends to rule out all the solutions that would fail to be locally unique, or equivalently, locally determinate. So far, this determinacy criterion has...
This note shows that there are close connections between the determinacy of a stationary state equilibrium and its stability under learning whenever agents try to estimate both the law of motion of the state variable and the stationary state value.
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