We study adaptive learning behavior in a sequence of n-period endowment overlapping generations economies with fiat currency, where n refers to the number of periods in agents' lifetimes. Agents initially have heterogeneous beliefs and seek to form multi-step-ahead forecasts of future prices...

Learning is introduced into a sequence of large square endowment economies indexed by n, in which agents live n periods. Young agents need to forecast n - 1 periods ahead in these models in order to make consumption decisions, and thus these models constitute multi-step ahead systems. Real time...