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Determinacy and Stability under Learning of Rational Expectations Equilibria

Gauthier, Stéphane - HAL - 2002

This paper studies relationships between the local determinacy of a stationary equilibrium in the perfect foresight dynamics, and its local stability in dynamics arising from econometric learning procedures. Attention is focused on linear scalar economies where agents forecast only one period...

Persistent link: https://www.econbiz.de/10010899082

Herd behavior in consumer inflation expectations - Evidence from the French household survey

Karpf, Andreas - HAL - 2013

This article investigates whether the formation of individual inflation expectations is biased towards a consensus and … individual level inflation expectations is proposed using a Markov chain Monte Carlo Hierarchical Bayesian estimation method …. This method is applied to micro survey data about inflation expectations of households from the monthly French household …

Persistent link: https://www.econbiz.de/10011025927

Nominal Uniqueness and Money Non-neutrality in the Limit-Price Exchange Process

Giraud, Gaël; Tsomocos, Dimitrios P. - HAL - 2010

nominal variables. Money is not neutral, either in the short-run or long-run, and a localized version of the quantity theory … policy is ineffective ; above this threshold inflation rises. Finally, market liquidity, measured through the speed of real …

Persistent link: https://www.econbiz.de/10010603678

Oskar Lange or how IS-LM came to be interpreted as a Walrasian model

Rubin, Goulven - HAL - 2014

A few years after the publication of The General Theory, a number of economists began to present Keynes's model … foundations of Keynes's theory. …

Persistent link: https://www.econbiz.de/10010899400

Organizational Learning: A Process Between Equilibrium and Evolution

Cayla, David - HAL - 2008

This paper aims to analyze learning as a two-type process. A dynamic equilibrium process represents a stable learning process, that may express an individualistic behavioral learning or an organizational adaptation. A teleological process represents an intentional, goal-oriented, learning...

Persistent link: https://www.econbiz.de/10010750849

Information provision in financial markets

Bennouri, Moez; Clark, C. Robert; Robert, Jacques - HAL - 2010

We set up a rational expectations model in which investors trade a risky asset based on a private signal they receive about the quality of the asset, and a public signal that represents a noisy aggregation of the private signals of all investors. Our model allows us to examine what happens to...

Persistent link: https://www.econbiz.de/10010821045

Asymmetric Information and Rationalizability

Desgranges, Gabriel; Gauthier, Stéphane - HAL - 2013

We study how asymmetric information affects the set of rationalizable solutions in a linear setup where the outcome is determined by forecasts about this same outcome. The unique rational expectations equilibrium is also the unique rationalizable solution when the sensitivity of the outcome to...

Persistent link: https://www.econbiz.de/10010821524

Expectational coordination in a class of economic models: Strategic substitutabilities versus strategic complementarities

Guesnerie, Roger; Jara-Moroni, Pedro - HAL - 2007

We consider an economic model that features: 1. a continuum of agents 2. an aggregate state of the world over which agents have an infinitesimal influence. We first propose a review, based on work by Jara (2007), of the connections between the eductive viewpoint that puts emphasis on Strongly...

Persistent link: https://www.econbiz.de/10010738797

Rationalizability in games with a continuum of players

Jara-Moroni, Pedro - HAL - 2008

The concept of Rationalizability has been used in the last fifteen years to study stability of equilibria on models with continuum of players such as standard competitive markets, macroeconomic dynamics and currency attacks. However, Rationalizability has been formally defined in a general...

Persistent link: https://www.econbiz.de/10010739044

Expectational coordination in simple economic contexts: concepts and analysis with emphasis on strategic substitutabilities.

Guesnerie, Roger; Jara-Moroni, Pedro - HAL - 2009

We consider an economic model that features : 1. a continuum of agents 2. an aggregate state of the world over which agents have an infinitesimal influence. We first review the connections between the eductive viewpoint that puts emphasis for example on strongly rational expectations equilibrium...

Persistent link: https://www.econbiz.de/10010739080