• Kazuo Mino
Part of the Advances in Japanese Business and Economics book series (AJBE, volume 13)


This chapter reviews the issue of equilibrium indeterminacy in macroeconomics. Instead of providing a broad literature survey, we consider two simple examples. One is a univariable rational expectations model of asset price determination. The other is a general equilibrium model of monetary economy. When discussing both examples, we classify the models into three categories: the steady state of the model economy is (i) unique, (ii) multiple, and (iii) a continuum. The majority of foregoing studies have treated models with a unique steady state. However, there are some interesting situations in which multiple steady state equilibria exist or the steady state of the economy constitutes a continuum.


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Copyright information

© Springer Japan KK 2017

Authors and Affiliations

  • Kazuo Mino
    • 1
  1. 1.Kyoto University Institute of Economic ResearchKyotoJapan

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