Non-computable rational expectations equilibria

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Abstract

Using techniques drawn from recursive function theory, the computability of rational expectations equilibria in infinite horizon economies is investigated. The concept of a recursive economy is defined. An example of an overlapping generations model is given which is recursive but possesses only monetary equilibria which are non-computable
Original languageEnglish
Pages (from-to)133-142
Number of pages10
JournalMathematical social sciences
Volume25
Issue number2
Publication statusPublished - Feb 1992

Keywords

  • recursive function
  • recursive economy

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