Indeterminate equilibrium rational expectations (RE) models are ubiquitous in both theoretical and applied work in dynamic macroeconomics. The issue of characterizing the exact dimension of indeterminacy—i.e. of deriving the full set of causal and stable solutions to linear RE models—has only recently been addressed in the context of general and multivariate settings. This paper complements existing results by identifying bounds on the observable dimension of indeterminacy of linear RE models in the presence of arbitrary initial conditions. Implications for the estimation of indeterminate equilibrium RE models are discussed.

中文翻译：

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线性有理期望模型中的任意初始条件和不确定性的维数

在动态宏观经济学的理论和应用工作中，不确定的均衡理性期望（RE）模型都是普遍存在的。不确定性确切维度的特征化问题（即得出线性RE模型的因果关系和稳定解的完整集合）仅在一般和多元设置的背景下才得到解决。本文通过在存在任意初始条件的情况下确定线性RE模型不确定性的可观察维数范围来对现有结果进行补充。讨论了不确定平衡RE模型估计的含义。