Subjective temporary equilibrium

This paper introduces, within the framework of a simple example, the notion of a subjective temporary equilibrium. The underlying relation linking forecasts to equilibrium values of the state variable is linear. However, agents perceive a non-linear law that governs the rate of adjustment between su...

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Bibliographic Details
Main Author: CHATTERJI, Shurojit
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2004
Subjects:
Online Access:https://ink.library.smu.edu.sg/soe_research/1884
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Institution: Singapore Management University
Language: English