Macroeconomics and imperfect information [Elektronische Ressource] : uniqueness and calculation of dynamic equilibria / Alexander Meyer-Gohde

MacroeconomicsandImperfectInformationUniquenessandCalculationofDynamicEquilibriaAlexanderMeyer-GohdeVorgelegtvonAlexanderMeyer-GohdegeboreninAurora,ColoradoVonderFakultätVII—WirtschaftundManagementderTechnischenUniversitätBerlinzurErlangungdesakademischenGradesDoktorderWirtschaftswissenschaften(Dr.rer.oec.)genehmigteDissertationPromotionsausschuss:Vorsitzender:Prof.AxelWerwatz,Ph.D.1.Gutachter:Prof.Dr.FrankHeinemann2.Gutachter:Prof.MichaelC.Burda,Ph.D.TagderwissenschaftlichenAussprache:1.Oktober2010Berlin2010D83c 2010byAlexanderMeyer-GohdeAllrightsreserved.Chapter3waspublishedpreviouslyas“Linear Rational-Expectations Models with Lagged Expectations: A Synthetic Method,” Journal of EconomicDynamicsandControl,34(5),May2010,pp. 984–1002.c 2010byElsevierB.V.Reprintedhereinaccordancewiththerightsretainedbytheauthorinthepublishingagreement.ToRuthWhen one hundred millions, or more, of the circulation we now haveshall be withdrawn, who can contemplate without terror the distress, ruin,bankruptcy,andbeggarythatmustfollow?...The general distress thus created will, to be sure, be temporary, because,whatever change may occur in the quantity of moneyin any community, timewilladjustthederangementproduced....—A.Lincoln;Springfield,Illinois;December20,1839ContentsListofFigures viiiListofTables viiiAcknowledgements ixSummary xZusammenfassung xi1 Introduction 11.1 ScopeandOutlineoftheStudy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .