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Can Chocolate be Money as a Medium of Exchange? Belief Learning vs. Reinforcement Learning
Kawagoe, Toshiji - 2008
In this paper, a variant of Kiyotaki and Wright model of emergence of money is investigated. In the model, each good … but one is not durable. With certain condition, non durable good can be money as a medium of exchange. But equilibrium … non durable good as money by reinforcement learning which does use no information of the distribution of goods. It is …
Persistent link: https://www.econbiz.de/10014219690
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Monetary policy, parameter uncertainty and optimal learning
Wieland, Volker - 1999
reunification. A policy that separates learning from control may induce a persistent upward bias in money growth and inflation, just …
Persistent link: https://www.econbiz.de/10010466014
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Delay and Learning in Coordination
Chamley, Christophe; Zhou, Zhen - 2021
This paper studies a coordination game with incomplete information and the option to delay. The delay option enables the agents to observe a binary signal depending on whether the early actions (e.g., investment) surpasses a threshold. The anticipation of information incentivizes agents to wait...
Persistent link: https://www.econbiz.de/10013219112
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Statistical sunspots
Branch, William A.; McGough, Bruce; Zhu, Mei - In: Theoretical economics : TE ; an open access journal in … 17 (2022) 1, pp. 291-329
models. In environments with hidden state variables, forecast‐model misspecification can break the link between indeterminacy …
Persistent link: https://www.econbiz.de/10012806933
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Endogenously (non-)Ricardian beliefs
Branch, William A.; Gasteiger, Emanuel - 2019
This paper develops a theory of endogenously (non-)Ricardian beliefs. That is, whether Ricardian Equivalence holds in an equilibrium depends on endogenous private sector beliefs. The novelty here is a restricted perceptions viewpoint: in complex forecasting environments, agents forecast...
Persistent link: https://www.econbiz.de/10011988962
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Heterogeneous Beliefs and Learning in Forward Looking Economic Models
Barucci, Emilio - 2000
We study a class of forward looking economic models with heterogeneous agents in a bounded rationality setting. The agents employ the same recursive learning rule to update beliefs but are characterized by different memory parameters. The peculiarity of the learning mechanism is that the...
Persistent link: https://www.econbiz.de/10014173987
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Monetary Policy, Parameter Uncertainty and Optimal Learning
Wieland, Volker - 1999
reunification. A policy that separates learning from control may induce a persistent upward bias in money growth and inflation, just …
Persistent link: https://www.econbiz.de/10014178888
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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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Existence of adaptively stable sunspot equilibria near an indeterminate steady state
Evans, George W.; Honkapohja, Seppo - 2001
We examine the nonlinear model Xt = Et F(xt+1) . Markov SSEs exist near an indeterminate steady state, X = F(X), provided F´(X)> 1. We show that there exist Markov SSEs that are E-stable, and therefore locally stable under adaptive learning, if F´(X)< -1.
Persistent link: https://www.econbiz.de/10011398793
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Expectational stability of resonant frequency sunspot equilibria
Evans, George W.; Honkapohja, Seppo - 2001
We consider the stability under adaptive learning of the complete set of solutions to the model when . In addition to the fundamentals solution, the literature describes both finite-state Markov sunspot solutions, satisfying a resonant frequency condition, and autoregressive solutions depending...
Persistent link: https://www.econbiz.de/10011398912