This paper studies relationships between the determinacy of a stationary equilibrium in the perfect foresight dynamics, and its local stability in dynamics arising from econometric learning procedures. There is no clear links in linear scalar economies where agents forecast only one perods...

Macroeconomic shocks such as wil price increases induce a systematic (endogenous) response of monetary policy. We develop a VAR-based technique for decomposing the total economic effects of a given exogenous shock into the portion attributable directly to the shock and the part arising from the...

We construct asset markets, that are similar to those studied by Smith, Suchanek and Willians (1988), in which bubbles and crashes tended to occur. The main difference between the markets studied here and those studied by Smith et al. are that in the markets studied here, the fundamental values...

We report the results of an experiment designed to study the role of speculation in the formation of bubbles and crashes in laboratory asset markets. In a setting in which speculation is not possible, bubbles and crashes are observed. The results suggest that the departures from fundamental...

Growth mechanisms can significantly affect short run properties of monetary models. An equilibrium model with human capital accumulation through a learning-by-doing mechanism possesses both sustained inflation rigidity and persistent real responses in the presence of unexpected monetary shocks....

To a greater extent than is often stressed in extant literature, preference assumptions affect responses to monetary shocks in representative agents models. Temporary money shocks can have persistent real effects in cash in advance models if the marginal utility of leaisure is a decreasing...

This is a specific investigation of the importance of technological change specific to new investment goods for postwar U.S. aggregate fluctuations. A growth model that incorporates this form of technological change is calibrated to U.S. data and simulated, using the relative price of new...

Статья посвящена исследованию тенденций развития услуг на рынке недвижимости и влиянию подъемов и провалов на хозяйственную деятельность организаций в сфере...