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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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A note on Kalman filter approach to solution of rational expectations models
Sorge, Marco M. - 2010
In this note, a class of nonlinear dynamic models under rational expectations is studied. A particular solution is found using a model reference adaptive technique via an extended Kalman filtering algorithm, for which initial conditions knowledge only is required. -- Nonlinear dynamic systems ;...
Persistent link: https://www.econbiz.de/10003951007
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The ECB's New Multi-Country Model for the euro area : NMCM - simulated with rational expectations
Dieppe, Alistair; González Pandiella, Alberto; … - 2011
The model presented here is a New estimated medium-scale Multi-Country Model (NMCM) which covers the five largest euro area countries and is used for forecasting and scenarios analysis at the European Central Bank. The model has a tight theoretical structure which allows for non-unitary...
Persistent link: https://www.econbiz.de/10008935832
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The ECB's New Multi-Country Model for the Euro Area : NMCM - Simulated with Rational Expectations
Dieppe, Alistair - 2011
The model presented here is a New estimated medium-scale Multi-Country Model (NMCM) which covers the five largest euro area countries and is used for forecasting and scenarios analysis at the European Central Bank. The model has a tight theoretical structure which allows for non-unitary...
Persistent link: https://www.econbiz.de/10013128296
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Rational Bubbles in Non-Linear Business Cycle Models : Closed and Open Economies
Kollmann, Robert - 2020
This paper studies rational bubbles in non-linear dynamic general equilibrium models of the macroeconomy. The term ‘rational bubble' refers to multiple equilibria due to the absence of a transversality condition (TVC) for capital. The lack of TVC can be due to an OLG population structure. If a...
Persistent link: https://www.econbiz.de/10012835615
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Rational Bubbles in Non-Linear Business Cycle Models : Closed and Open Economies
Kollmann, Robert - 2020
This paper studies rational bubbles in non-linear dynamic general equilibrium models of the macroeconomy. The term ‘Rational bubble' refers to multiple equilibria due to the absence of a transversality condition (TVC) for capital. The lack of TVC can be due to an OLG population structure. If a...
Persistent link: https://www.econbiz.de/10012842395
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Robustifying Learnability
Tetlow, Robert J. - 2009
A treatment of policy design for learnability in worlds where agents have potentially misspecified their learning models has yet to surface. This paper provides such a treatment. We begin with the notion that because the profession has yet to settle on a consensus model of the economy, it is...
Persistent link: https://www.econbiz.de/10012765184
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Robustifying Learnability
Tetlow, Robert J.; Von zur Mühlen, Peter - 2021
In recent years, the learnability of rational expectations equilibria (REE) and determinacy of economic structures have rightfully joined the usual performance criteria among the sought-after goals of policy design. Some contributions to the literature, including Bullard and Mitra (2001) and...
Persistent link: https://www.econbiz.de/10013318102
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(A)symmetric Equilibria And Adaptive Learning Dynamics in Small-Committee Voting
Chernomaz, Kirill; Goertz, Johanna - 2021
We study equilibrium selection in a common-interest voting model with three alternatives. In the model, symmetric Bayesian Nash Equilibria (BNE) of varying efficiency are known to exist. Employing evolutionary adaptive learning simulations, we find interesting new equilibria. In simulations, we...
Persistent link: https://www.econbiz.de/10013322584
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Optimal Control of Large, Forward-Looking Models : Efficient Solutions and Two Examples
Finan, Frederico; Tetlow, Robert J. - 2000
An optimal control tool is described that is particularly useful for computing rules of large-scale models where users might otherwise have difficulty determining the state vector a priori and where the inversion of large, sparse matrices is involved. A small-scale demonstration is presented, as...
Persistent link: https://www.econbiz.de/10014171007