PREDICTIVE AND IMITATIVE EXPECTATIONS IN MACRO-DYNAMIC THEORIES

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概要

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• This paper introduces two distinct hypotheses of price expectations within the framework of deterministic macro-dynamic models with continuous time. One is the hypothesis of predictive expectations conceivable for the community where individuals behave as identical leaders in respect of expectations. The other is the hypothesis of imitative expectations applicable to the community where individuals behave as identical followers in respect of expec tations. These hypotheses are shown to generate potentially stable adjustment processes toward the steady state equilibrium in the well known models of monetary dynamics which exhibits saddle-point instability under the conventional hypothesis of myopic perfect foresight.

• 慶應義塾大学の論文

著者

• Ohyama Michihiro

  Agricultural Economics The Kieo Economic Society Keio University

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