Global stability in spite of “local instability” with learning

Journal of Mathematical Economics

Volumn 33, Issue 2, 2000, Pages 155-165

  Chatterji, Shurojit ^a   Chattopadhyay, Subir ^b  

^a INDIAN STATISTICAL INSTITUTE   (India)

^b UNIVERSITY OF ALICANTE   (Spain)

Author keywords

Global stability; Least squares learning; Local instability

Indexed keywords

EID: 0034148099     PISSN: 03044068     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0304-4068(99)00021-X     Document Type: Article

References (5)

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2. Grandmont J.M. Expectations formation and stability of large socio-economic systems. Econometrica. 66:1998;741-781.
3. Grandmont, J.M., Laroque, G., 1991. Economic dynamics with learning: some instability examples. In: Barnett, W.A. et al. (Eds.), Equilibrium Theory and Applications. Cambridge Univ. Press, Cambridge.
4. Marcet A., Sargent T. Convergence of least squares mechanisms in self-referential linear stochastic models. Journal of Economic Theory. 48:1989;337-368.
5. Woodford M. Learning to believe in sunspots. Econometrica. 58:1990;277-307.