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Near-rational exuberance
Bullard, James; Evans, George W.; Honkapohja, Seppo - 2005
We study how the use of judgement or “add-factors” in macroeconomic forecasting may disturb the set of equilibrium outcomes when agents learn using recursive methods. We isolate conditions under which new phenomena, which we call exuberance equilibria, can exist in standard macroeconomic...
Persistent link: https://www.econbiz.de/10011604601
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Are stationary hyperinflation paths learnable?
Adam, Klaus; Evans, George W.; Honkapohja, Seppo - 2003
adaptive learning. We reconsider this issue and analyze the full set of solutions for the linearized model. Our main focus is … learning if agents can utilize contemporaneous data. However, in an economy populated by a mixture of agents, some of whom only …
Persistent link: https://www.econbiz.de/10010298287
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Existence of adaptively stable sunspot equilibria near an indeterminate steady state
Evans, George W.; Honkapohja, Seppo - 2001
(X), provided F´(X)> 1. We show that there exist Markov SSEs that are E-stable, and therefore locally stable under adaptive learning …
Persistent link: https://www.econbiz.de/10011398793
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Expectational stability of resonant frequency sunspot equilibria
Evans, George W.; Honkapohja, Seppo - 2001
We consider the stability under adaptive learning of the complete set of solutions to the model when . In addition to … representation used by agents in the learning process. Only the finite-state Markov sunspot solutions can be stable under learning. …
Persistent link: https://www.econbiz.de/10011398912
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Learning stability in economies with heterogenous agents
Honkapohja, Seppo; Mitra, Kaushik - 2002
structure, forecasts, and adaptive learning rules affect the conditions for convergence of adaptive learning towards rational …
Persistent link: https://www.econbiz.de/10011541172
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Stable sunspot equilibria in a cash-in-advance economy
Evans, George W.; Honkapohja, Seppo; Marimon, Ramon - 2001
stable under adaptive learning, taking the form of noisy finite state Markov processes at resonant frequencies. For a range …
Persistent link: https://www.econbiz.de/10011408407
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Generalized stochastic gradient learning
Evans, George W.; Honkapohja, Seppo; Williams, Noah - 2005
We study the properties of generalized stochastic gradient (GSG) learning in forward-looking models. We examine how the … conditions for stability of standard stochastic gradient (SG) learning both differ from and are related to E-stability, which … governs stability under least squares learning. SG algorithms are sensitive to units of measurement and we show that there is …
Persistent link: https://www.econbiz.de/10010261355
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Generalized Stochastic Gradient Learning
Evans, George W.; Honkapohja, Seppo; Williams, Noah - 2021
We study the properties of generalized stochastic gradient (GSG) learning in forward-looking models. We examine how the … conditions for stability of standard stochastic gradient (SG) learning both differ from and are related to E-stability, which … governs stability under least squares learning. SG algorithms are sensitive to units of measurement and we show that there is …
Persistent link: https://www.econbiz.de/10013318147
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Are Stationary Hyperinflation Paths Learnable?
Adam, Klaus; Evans, George W.; Honkapohja, Seppo - 2021
adaptive learning. We reconsider this issue and analyze the full set of solutions for the linearized model. Our main focus is … learning if agents can utilize contemporaneous data. However, in an economy populated by a mixture of agents, some of whom only …
Persistent link: https://www.econbiz.de/10013319951
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Learning Stability in Economics with Heterogenous Agents
Honkapohja, Seppo; Mitra, Kaushik - 2021
structure, forecasts, and adaptive learning rules affect the conditions for convergence of adaptive learning towards rational …
Persistent link: https://www.econbiz.de/10013320362