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Generalized Stochastic Gradient Learning

Evans, George William; Honkapohja, Seppo Mikko Sakari; … - National Bureau of Economic Research (NBER) - 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/10005725299

Bounds in Competing Risks Models and the War on Cancer

Honore, Bo E.; Muney, Adriana Lleras - National Bureau of Economic Research (NBER) - 2004

In 1971 President Nixon declared war on cancer and increased the federal funds allocated to cancer research dramatically. Thirty years later, many have declared this war a failure. Overall cancer statistics confirm this view: age-adjusted mortality in 2000 was essentially unchanged from the...

Persistent link: https://www.econbiz.de/10005037705

A Continuity Refinement for Rational Expectations Solutions

McCallum, Bennett T. - National Bureau of Economic Research (NBER) - 2012

Linear RE models typically possess a multiplicity of solutions. Consider, however, the requirement that the solution coefficients must not be infinitely discontinuous in the model's structural parameters. In particular, we require that the solutions should be continuous in the limit as those...

Persistent link: https://www.econbiz.de/10010950645

Democracy Undone. Systematic Minority Advantage in Competitive Vote Markets

casella, alessandra; Turban, Sébastien - National Bureau of Economic Research (NBER) - 2012

We study the competitive equilibrium of a market for votes where voters can trade votes for a numeraire before making a decision via majority rule. The choice is binary and the number of supporters of either alternative is known. We identify a sufficient condition guaranteeing the existence of...

Persistent link: https://www.econbiz.de/10011252333

Determinacy, Learnability, Plausibility, and the Role of Money in New Keynesian Models

McCallum, Bennett T. - National Bureau of Economic Research (NBER) - 2012

Recent mainstream monetary policy analysis focuses on rational expectation solutions that are uniquely stable. A number of recent studies have examined the question of whether typical New Keynesian (NK) models, with policy rules that satisfy the Taylor principle, also exhibit solutions with...

Persistent link: https://www.econbiz.de/10010556677

E-Stability vis-a-vis Determinacy Results for a Broad Class of Linear Rational Expectations Models

McCallum, Bennett T. - National Bureau of Economic Research (NBER) - 2006

, if current-period information is available in the learning process, determinacy is a sufficient condition for E …

Persistent link: https://www.econbiz.de/10005088579

Competition and Efficiency in Congested Markets

Acemoglu, Daron; Ozdaglar, Asuman - National Bureau of Economic Research (NBER) - 2005

We study the efficiency of oligopoly equilibria in congested markets. The motivating examples are the allocation of network flows in a communication network or of traffic in a transportation network. We show that increasing competition among oligopolists can reduce efficiency, measured as the...

Persistent link: https://www.econbiz.de/10005029669

Causality, Structure, and the Uniqueness of Rational Expectations Equilibria

McCallum, Bennett T. - National Bureau of Economic Research (NBER) - 2009

Consider a rational expectations (RE) model that includes a relationship between variables xt and zt+1. To be considered structural and potentially useful as a guide to actual behavior, this model must specify whether xt is influenced by the expectation at t of zt+1 or, alternatively, that zt+1...

Persistent link: https://www.econbiz.de/10005037664

Temporary Shocks and Unavoidable Transistions to a High-Unemployment Regime

DenHaan, Wouter J. - National Bureau of Economic Research (NBER) - 2002

This paper develops a model with multiple steady states (low tax and low unemployment versus high tax and high unemployment) in which equilibrium selection is not conditioned on a sunspot variable. Instead, large temporary shocks initiate unavoidable transitions from one steady state to another....

Persistent link: https://www.econbiz.de/10005580189

On the Existence and Efficiency of Equilibria Under Liability Rules

Singh, Ram - National Bureau of Economic Research (NBER) - 2006

While the focus of mainstream economic analysis of liability rules remains on negligence liability, recently some legal scholars have argued for the sharing of liability. In this paper, our first objective is contribute to the debate regarding the desirability of the sharing of liability for the...

Persistent link: https://www.econbiz.de/10005588983

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