DukeSpace will be down for maintenance at 9:15 AM EDT on Tuesday, July 29. Expected downtime is 20 minutes or less.

Show simple item record

dc.contributor.author Burmeister, Edwin en_US
dc.contributor.author Turnovsky, S. J en_US
dc.date.accessioned 2010-03-09T15:32:08Z
dc.date.available 2010-03-09T15:32:08Z
dc.date.issued 1978 en_US
dc.identifier.uri http://hdl.handle.net/10161/1938
dc.description.abstract In two previous papers we have discussed the formulation of a logically consistent adaptive-type price expectations mechanism in continuous time and have applied our results to derive sufficient conditions for dynamic price stability in a variety of economic models (Burmeister and Turnovsky [5, 2033. In all cases the sufficient conditions for stability entail a “slow” rate of adaptation which implies a consistent error in the direction of the forecasted versus actual price movements. This is a highly undesirable feature since one cannot realistically expect economic agents to persistently predict in the wrong direction ! en_US
dc.format.extent 3691683 bytes
dc.format.mimetype application/pdf
dc.language.iso en_US
dc.publisher Journal of Economic Theory en_US
dc.subject price expectations mechanism en_US
dc.subject saddlepoint instability en_US
dc.title Price expectations, disequilibrium adjustments, and macroeconomic price stability en_US
dc.type Journal Article en_US
dc.department Economics

Files in this item

This item appears in the following Collection(s)

Show simple item record