In a general class of Markov-switching rational expectations models, this study derives necessary and sufficient conditions for determinacy, indeterminacy and the case of no stable solution. Classification of the models into these three mutually disjoint and exhaustive subsets is completely characterized by only one particular solution known as the minimum of modulus solution in the mean-square stability sense. The rationale behind this result comes from the novel finding that the solution plays the same role as what the generalized eigenvalues do for linear rational expectations models. Moreover, the solution has its own identification condition that does not require examining the entire solution space. The accompanying solution procedure is therefore computationally efficient, and as tractable as standard solution methodologies for linear rational expectations models. The proposed methodology unveils several important implications for determinacy in the regime-switching framework that differ from the linear model counterpart.

在一般的马尔可夫转换理性期望模型类别中，这项研究得出了确定性，不确定性和没有稳定解的情况的必要和充分条件。将模型分为这三个相互不相交和穷举的子集，完全可以通过仅一种特定的解决方案来进行特征化，该解决方案在均方稳定性意义上称为最小模数解决方案。该结果背后的原理来自于一个新颖的发现，即该解决方案与线性特征期望模型的广义特征值起着相同的作用。而且，解决方案具有自己的识别条件，不需要检查整个解决方案空间。因此，随附的解决方案过程在计算上是有效的，并像线性有理期望模型的标准解决方法一样易处理。拟议的方法揭示了政权转换框架中与线性模型对应关系不同的几个重要影响。