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Convergence for difference equations with vanishing time-dependence, with applications to adaptive learning
Evans, George W.; Honkapohja, Seppo - In: Economic Theory 15 (2000) 3, pp. 717-725
We provide conditions for local stability and instability of an equilibrium point in certain systems of nonautonomous …
Persistent link: https://www.econbiz.de/10005371114
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Chapter 7 Learning dynamics
Evans, George W.; Honkapohja, Seppo - In: Handbook of macroeconomics : volume 1, part A, (pp. 449-542). 1999
approximation based on an associated differential equation. Global stability, local stability and instability results for SRAs are … presented. For a wide range of solutions to economic models the stability conditions for REE under statistical learning rules … are given by the expectational stability principle, which is treated as a unifying principle for the results presented …
Persistent link: https://www.econbiz.de/10014024243
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Learning Stability in Economies with Heterogenous Agents
Honkapohja, Seppo; Mitra, Kaushik - 2002
An economy exhibits structural heterogeneity when the forecasts of different agents have different effects on the determination of aggregate variables. Various forms of structural heterogeneity can arise and we study the important case of economies in which agents' behavior depends on forecasts...
Persistent link: https://www.econbiz.de/10010315457
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Generalized stochastic gradient learning
Evans, George W.; Honkapohja, Seppo; Williams, Noah - 2005
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 … a transformation of variables for which E-stability governs SG stability. GSG algorithms with constant gain have a …
Persistent link: https://www.econbiz.de/10010261355
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Are stationary hyperinflation paths learnable?
Adam, Klaus; Evans, George W.; Honkapohja, Seppo - 2003
Earlier studies of the seigniorage inflation model have found that the high-inflation steady state is not stable under adaptive learning. We reconsider this issue and analyze the full set of solutions for the linearized model. Our main focus is on stationary hyperinflationary paths near the...
Persistent link: https://www.econbiz.de/10010298287
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Learning stability in economics with heterogeneous agents
Honkapohja, Seppo; Mitra, Kaushik - 2002
An economy exhibits structural heterogeneity when the forecasts of different agents have different effects on the determination of aggregate variables. We study how different forms of heterogeneity in structure, forecasts and adaptive learning rules affect the conditions for convergence of...
Persistent link: https://www.econbiz.de/10011604166
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Generalized Stochastic Gradient Learning
Evans, George W.; Honkapohja, Seppo; Williams, Noah - CESifo - 2005
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 … a transformation of variables for which E-stability governs SG stability. GSG algorithms with constant gain have a …
Persistent link: https://www.econbiz.de/10005406017
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Learning Stability in Economies with Heterogenous Agents
Honkapohja, Seppo; Mitra, Kaushik - CESifo - 2002
An economy exhibits structural heterogeneity when the forecasts of different agents have different effects on the determination of aggregate variables. Various forms of structural heterogeneity can arise and we study the important case of economies in which agents' behavior depends on forecasts...
Persistent link: https://www.econbiz.de/10005416506
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Are Hyperinflationary Paths Learnable?
Adam, Klaus; Evans, George W.; Honkapohja, Seppo - Department of Economics, University of Oregon - 2003
Earlier studies of the seigniorage inflation model have found that the high-inflation steady state is not stable under adaptive learning. We reconsider this issue and analyze the full set of solutions for the linearized model. Our main focus is on stationary hyperinflationary paths near the...
Persistent link: https://www.econbiz.de/10005464104
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Stable Sunspot Equilibria in a Cash-in-Advance Economy
Evans, George W.; Honkapohja, Seppo; Marimon, Ramon - Barcelona Graduate School of Economics (Barcelona GSE) - 2003
We analyze a monetary model with flexible labor supply, cash-inadvance constraints and seigniorage-financed government deficits. If the intertemporal elasticity of substitution of labor is greater than one, there are two steady states, one determinate and the other indeterminate. If the...
Persistent link: https://www.econbiz.de/10010851434