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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
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/10005079099
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/10005593763
to fundamental equilibria. learning, recurrent hyperinflations, and macroeconomic policy to combat liquidity traps and …
Persistent link: https://www.econbiz.de/10005696968
We study how the use of judgement or “add-factors” in 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 a standard self-referential environment....
Persistent link: https://www.econbiz.de/10010552405
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Persistent link: https://www.econbiz.de/10000936490
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explanatory power to a variety of expectation formation models by focusing on the learning factor. Whereas the rational …
Persistent link: https://www.econbiz.de/10012677112
explanatory power to a variety of expectation formation models by focusing on the learning factor. Whereas the rational …
Persistent link: https://www.econbiz.de/10014488602