Expectational Stability and the Multiple Equilibria Problem in Linear Rational Expectations Models
研究线性理性预期模型中多重均衡的稳定性，通过分析预期函数微小偏离后系统能否在自然修正规则下回归均衡，区分弱稳定与强稳定，并应用于两个宏观经济学例子。
Linear models involving expectations of future endogenous variables generally have multiple rational expectations equilibria. This paper investigates the stability of solutions in the disequilibrium sense of whether, given a small deviation of expectations functions from some rational expectations equilibrium, the system returns to that solution under a natural revision rule. Weak and strong local stability are distinguished. Stability conditions are calculated for a simple general linear model and applied to two macroeconomic examples. In some cases there is a unique stable equilibrium. In other cases a continuum of equilibria forms a weakly but not strongly stable class.