In this paper, the authors analyze the non paramatric identification of dynamic discrete choice without consumption smoothing using individual data on discrete choices. They posit that preferences are not restricted and that agents have private information about heir tastes at each period that...

Complicated (chaotic), global, expectations-driven business cycles in two-dimensional models have been shown to involve non-trivial intersections of stable and unstable manifolds of a (periodic) saddle steady state. Whether similar phenomena may occur in other two-dimensional dynamic economic...

This paper studies relationships between the local determinacy of a stationary equilibrium in the perfect foresight dynamics, and its local stability in dynamics arising from econometric learning procedures. There is no clear links in linear scalar economieds where agents forecast only one...

The paper analyses the robustness of the conclusions previously obtained showing that, in a simple three-goods model, the success of "eductive" expectational coordination relates with low supply elasticity, high demand elasticity, and high marginal propensity to consume (or high "elementary...

The paper examines within a unified methodology expectational coordination in a series of economic models. The methodology views rational expectations equilibria as reasonable predictors whenever they can be derived from more basic Common Knowledge hypothesis. The paper successively considers a...

We consider Rational Expectations Equilibria in infinite horizon models in which equilibrium to-day depends upon the past, yesterday, and the future, to-morrow. We focus attention on a category of ''Sunspot Equilibria'', (` la Davila) that have a finite support and trigger a quasi-cyclic...