A Response to John Kay by Roger Guesnerie
There is little doubt that the crisis is a phenomenon that belongs to the intellectual category of “market failure”. It is also the case, as [...]
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Roger Guesnerie – The Next Economic Frontier and the Wild World of Non-Rational Expectations
Roger Guesnerie leads the charge in this effort to scrutinize the rational expectations hypothesis from diverse angles and propose more realistic alternatives. He is building [...]
Read moreGaetano Gaballo: Endogenous Signals and Multiplicity.
INEXC-Conference : International Network on Expectational Cordination. Friday 29th June. Collège de France, 11 Place Marcelin Berthelot, 75005 Paris. Click here to see the video
Read moreGabriel Desgranges: Global Games and Coordination.
INEXC-Conference : International Network on Expectational Coordination. Friday 29th June. Collège de France, 11 Place Marcelin Berthelot, 75005 Paris. Click here to see the video
Read moreRoger Guesnerie: Eductive Learning.
INEXC-Conference : International Network on Expectational Cordination. Thursday 28th June. Collège de France, 3 rue d’Ulm, 75005 Paris Click here to see the video
Read morePrivate Uncertainty and Multiplicity
Working Paper by Gaetano Gaballo
This paper provides the conditions under which small enough private uncertainty on an aggregate endogenous state of the economy can invalidate uniqueness of the equilibrium. [...]
Read moreStrongly rational expectations equilibria with endogenous acquisition of information
Publication by Gabriel Desgranges and Maik Heinemann
This paper analyzes conditions for existence of a strongly rational expectations equilibrium (SREE) in models with private information, where the amount of private information is [...]
Read moreEductive Stability in Real Business Cycle Models
Publication by George W. Evans, Mcgough Bruce and Roger Guesnerie
We re-examine issues of coordination in the standard RBC model. Can the unique rational expectations equilibrium be “educed” by rational agents who contemplate the possibility [...]
Read moreCoordination on saddle-path solutions: the eductive viewpoint – linear multivariate models
Publication by George W. Evans and Roger Guesnerie
We investigate local strong rationality (LSR) in a one-step-forward-looking univariate model with memory one. Eductive arguments are used to determine when common knowledge (CK) that [...]
Read moreShort-Run Expectational Coordination: Fixed Versus Flexible Wages
Publication by Roger Guesnerie
This paper considers a simple “three-goods” model and focuses attention on the expectational stability of its equilibria. The setting allows us to describe stylized general [...]
Read more(De)stabilizing Speculation on Futures Markets : an Alternative View Point
Publication by Jean-Charles Rochet and Roger Guesnerie
This paper offers a new interpretation for possible destabilizing effects of opening futures markets. In our model, adapted from Stein (1987), speculation on futures markets [...]
Read moreLegal versus economic explanations of the rise in bankruptcies in 19th century France
Publication by Nadine Levratto and Pierre-Cyrille Hautcoeur
This paper aims at giving an explanation of the changes in the number of bankruptcies during the second part of the 19th century and the [...]
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