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Robert Driskill

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I'm a long-time proponent of using the limit of the equilibrium of an (analogous) finite-horizon model as the horizon goes to infinity as a selection criterion to eliminate multiple equilibria in infinite-horizon models. I spelled out the argument in detail in "Multiple equilibria in dynamic rational expectations models: A critical review," Eur. Ec. Rev., (50), 2006. Steve Williamson is I think correct: getting the finite-horizon terminal condition requires an extra assumption. But I think there are good reasons to add that assumption-or something like it.

Finite Horizon models of inflation as the horizon goes to infinity

You have an infinite horizon model of inflation. Your model tells you what happens to the time-path of the price level P(t) if the central bank changes monetary policy. Please do something: Convert your infinite horizon model into a finite horizon model. Suppose the price level at time T, when t...

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Jul 29, 2016

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