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the nature of the task at the second date further shows that learning is unencumbered by a change in environment. Our …
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disagreement regardless of cognitive ability. Learning about the state of the world has little effect on the evolution of perceived …
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active learning possibilities has effects on the optimal interest rate rule followed by the central bank.For a wide range of …
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agents’ learning is complete. Volatility and second-order moments also display an amplification under the learning setup …
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the central bank. We show that output and inflation responses change markedly when the central bank responds to private …
Persistent link: https://www.econbiz.de/10011520661
econometric learning scheme as proposed by Laubach, Tetlow, and Williams (2007) in the estimation and compare the results to those … form their expectations according to the learning approach. …
Persistent link: https://www.econbiz.de/10010471626
What happens when fiscal and/or monetary policy changes systematically? We construct a DSGE model in which agents have to estimate fiscal and monetary policy rules and assess how uncertainty surrounding the conduct of policymakers influences transition paths after policy changes. We find that...
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