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Market distortions and local indeterminacy: A general approach
Lloyd-Braga, Teresa; Modesto, Leonor; Seegmuller, Thomas - 2011
We provide a methodology to study the role of market distortions on the emergence of indeterminacy and bifurcations … classes of distortions responsible for indeterminacy. Our methodology consists in introducing general specifications for the … distortions influence the range of values for the elasticity of inputs substitution under which local indeterminacy and …
Persistent link: https://www.econbiz.de/10010278392
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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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Are stationary hyperinflation paths learnable?
Adam, Klaus; Evans, George W.; Honkapoja, 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/10011507885
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Market distortions and local indeterminacy : a general approach
Lloyd-Braga, Teresa; Modesto, Leonor; Seegmuller, Thomas - 2011
We provide a methodology to study the role of market distortions on the emergence of indeterminacy and bifurcations … classes of distortions responsible for indeterminacy. Our methodology consists in introducing general specifications for the … distortions influence the range of values for the elasticity of inputs substitution under which local indeterminacy and …
Persistent link: https://www.econbiz.de/10009235089
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Pigouvian Contracts
Simkovic, Michael; Furth, Meirav - 2022
environmental externalities such as pollution. We argue that consumer contracts generate externalities by overwhelming consumers …
Persistent link: https://www.econbiz.de/10013307217
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Shopping Externalities and Self-Fulfilling Unemployment Fluctuations
Kaplan, Greg - 2012
generates positive externalities on other firms, because employed workers have more income to spend and have less time to shop … for low prices than unemployed workers. We quantify these shopping externalities and show that they are sufficiently …
Persistent link: https://www.econbiz.de/10013096628
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Beliefs asymmetry and price stability in a cobweb model
Berardi, Michele - 2021
This work analyses the role of asymmetry in beliefs for price dynamics in a cobweb model with heterogeneous expectations and evolutionary selection of predictors. While heterogeneous but symmetric beliefs result in the rational expectations equilibrium price, the effect of asymmetry depends on...
Persistent link: https://www.econbiz.de/10013235468
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Learning as a Rational Foundation for Macroeconomics and Finance
Evans, George W.; Honkapohja, Seppo - 2011
Expectations play a central role in modern macroeconomics. The econometric learning approach, in line with the cognitive consistency principle, models agents as forming expectations by estimating and updating subjective forecasting models in real time. This approach provides a stability test for...
Persistent link: https://www.econbiz.de/10014183715
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Expectational Stability of Stationary Sunspot Equilibria in a Forward-Looking Linear Model
Evans, George W.; Honkapohja, Seppo - 2003
We consider the stability under adaptive learning of the complete set of solutions to the model x(t)= b*Ex{t+1} when |b| 1. In addition to the fundamentals solution, the literature describes both finite-state Markov sunspot solutions and autoregressive solutions depending on an arbitrary...
Persistent link: https://www.econbiz.de/10014112247
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Modelling Social Learning in an Agent–Based Baseline Macro Model
Salle, Isabelle - 2014
We analyse the dynamics resulting from social learning in a simple general equilibrium (GE) model, whose structure is similar to the one underlying macroeconomic models of the New Macroeconomic Synthesis. The economy is composed by households and firms who exchange labour and consumption goods...
Persistent link: https://www.econbiz.de/10013048351