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Article dans une revue Economic Theory Année : 1996

On multiple equilibria and the rational expectations hypothesis

Jean-Marc Tallon

Résumé

This paper analyzes through a simple two-period model the fact that, if some agents hold inside money intertemporally, the second-period ldquonormalizationrdquo matters. Thus, there are several equilibria of the second-period economy, indexed by the level of inflation. A concept of equilibrium acknowledging this fact, and requiring that agents put some weight on any of the possible second-period equilibrium price vectors is developed. Such an equilibrium is shown to exist, and is illustrated by an example.

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Dates et versions

halshs-00499387, version 1 (09-07-2010)

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Citer

Jean-Marc Tallon. On multiple equilibria and the rational expectations hypothesis. Economic Theory, 1996, 7 (1), pp.113-124. ⟨10.1007/BF01212185⟩. ⟨halshs-00499387⟩

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