Learning stability in economies with heterogeneous agents

被引：34

作者：

Honkapohja, S ^{[1
]}

Mitra, K

机构：

[1] Univ Cambridge, Cambridge CB2 1TN, England

[2] Univ St Andrews, St Andrews KY16 9AJ, Fife, Scotland

来源：

REVIEW OF ECONOMIC DYNAMICS | 2006年 / 9卷 / 02期

基金：

芬兰科学院;

关键词：

adaptive learning; expectations formation; stability of equilibrium; overlapping generations model; inflation; monetary policy;

D O I：

10.1016/j.red.2006.01.003

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

An economy exhibits structural heterogeneity when the forecasts of different agents have different effects on the determination of aggregate variables. We study the important case of economies in which agents' behavior depends on forecasts of aggregate variables and show how different forms of heterogeneity in structure, forecasts, and adaptive learning rules affect the conditions for convergence of adaptive learning towards rational expectations equilibrium. Results are applied to an overlapping generations model and a New Keynesian model of monetary policy. (c) 2006 Elsevier Inc. All rights reserved.

引用

页码：284 / 309

页数：26

共 40 条

[31]

Ljung L., 1983, THEORY PRACTICE RECU

[32] CONVERGENCE OF LEAST-SQUARES LEARNING-MECHANISMS IN SELF-REFERENTIAL LINEAR STOCHASTIC-MODELS [J].

MARCET, A ;

SARGENT, TJ .

JOURNAL OF ECONOMIC THEORY, 1989, 48 (02) :337-368

[33] CONVERGENCE OF LEAST-SQUARES LEARNING IN ENVIRONMENTS WITH HIDDEN STATE VARIABLES AND PRIVATE INFORMATION [J].

MARCET, A ;

SARGENT, TJ .

JOURNAL OF POLITICAL ECONOMY, 1989, 97 (06) :1306-1322

[34] INDETERMINACY OF EQUILIBRIA IN A HYPERINFLATIONARY WORLD - EXPERIMENTAL-EVIDENCE [J].

MARIMON, R ;

SUNDER, S .

ECONOMETRICA, 1993, 61 (05) :1073-1107

[35]

McCallum BI, 1999, NBER CONF R, P15

[36]

McCallum BT, 2004, FED RESERVE BANK ST, V86, P43

[37] 2 PROBLEMS IN APPLYING LJUNG PROJECTION ALGORITHMS TO THE ANALYSIS OF DECENTRALIZED LEARNING [J].

MORENO, D ;

WALKER, M .

JOURNAL OF ECONOMIC THEORY, 1994, 62 (02) :420-427

[38] Adaptive expectations coordination in an economy with heterogeneous agents [J].

Negroni, G .

JOURNAL OF ECONOMIC DYNAMICS & CONTROL, 2003, 28 (01) :117-140

[39]

Quirk James P., 1968, Introduction to General Equilibrium Theory and Welfare Economics

[40] Impacts of priors on convergence and escapes from Nash inflation [J].

Sargent, TJ ;

Williams, N .

REVIEW OF ECONOMIC DYNAMICS, 2005, 8 (02) :360-391

← 1 2 3 4 →