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On the backward-forward procedure |
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| Authors: | C Gourieroux JJ Laffont A Montfort |
| Institution: | University of Paris-Dauphine, 75016 Paris, France;University of Toulouse, 31 Toulouse, France;E.N.S.A.E., Paris, France |
| Abstract: | It is shown that backward-forward procedure which selects solutions in dynamic models with rational expectations may fail to give a solution when the lags are of order two. |
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