Rational Random Walks
在多维前瞻模型中研究一类特殊的理性预期均衡，其支撑集无限且有两个稳态点，系统随机运动为随机游走类型。通过动力系统分析给出存在性证明，并在世代交叠模型中完成证明，无需向后弯曲的劳动供给。
The paper examines, within the framework of a multi-dimensional one-step forward-looking model, a special category of rational expectations equilibria. Their support is infinite with two accumulation points (steady states); the stochastic motion of the system is of random-walk type. A general strategy for an existence proof—associated with the study of a dynamical system—stresses necessary conditions. In a simple overlapping-generations model, the proof is made complete—no backwards bending labour supply is required in the pure sunspot case. By continuity, heteroclinic random walk equilibria are also shown to exist when shocks are real.