Hommes, Cars H.; Mavromatis, Kostas; Özden, Tolga; Zhu, Mei - In: Quantitative economics : QE ; journal of the … 14 (2023) 4, pp. 1401-1445
We introduce Behavioral Learning Equilibria (BLE) into a multivariate linear framework and apply it to New Keynesian … Rational Expectations (REE), BLE, and constant gain learning models shows that the BLE model outperforms the REE benchmark and … is competitive with constant gain learning models in terms of in-sample and outof-sample fitness. Sample …