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Behavioral learning equilibria
Hommes, Cars H.; Zhu, Mei - 2013
Persistent link: https://www.econbiz.de/10010191433
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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 … within the restricted class, i.e., a restricted perceptions equilibrium (RPE). A misspecification equilibrium is a refinement …. We show that (1.) there can exist misspecification equilibria where beliefs are endogenously (non-)Ricardian, (2 …
Persistent link: https://www.econbiz.de/10011992751
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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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Adaptive social learning
March, Christoph - 2016
The paper investigates social-learning when the information structure is not commonly known. Individuals repeatedly interact in social-learning settings with distinct information structures. In each round of interaction, they use their experience gained in past rounds to draw inferences from...
Persistent link: https://www.econbiz.de/10011434567
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Learning from zero : how to make consumption-saving decisions in a stochastic environment with an AI algorithm
Shi, Rui - 2021 - This draft: August 16, 2021
This exercise offers an innovative learning mechanism to model economic agent's decision-making process using a deep reinforcement learning algorithm. In particular, this AI agent is born in an economic environment with no information on the underlying economic structure and its own preference....
Persistent link: https://www.econbiz.de/10012603191
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Fiscal consolidations and heterogeneous expectations
Hommes, Cars H.; Lustenhouwer, Joep; Mavromatis, Kostas - 2017
We analyze fiscal consolidations using a New Keynesian model where agents have heterogeneous expectations and are uncertain about the composition of consolidations. We look at spending-based and tax-based consolidations and analyze their effects separately. We find that the effects of...
Persistent link: https://www.econbiz.de/10011770688
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Beliefs formation and the puzzle of forward guidance power
Di Bartolomeo, Giovanni; Beqiraj, Elton; Di Pietro, Marco - 2017
We study the extent to which the belief-formation process affects the dynamics of macroeconomic variables when the central bank uses forward guidance. Standard sticky-price models imply that far future forward guidance has huge and implausible effects on current outcomes, these effects grow in...
Persistent link: https://www.econbiz.de/10011799546
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Statistical sunspots
Branch, William A.; McGough, Bruce; Zhu, Mei - In: Theoretical Economics 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/10013189038
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Liquidity and Asset Market Dynamics
Rocheteau, Guillaume - 2010
We study economies with an essential role for liquid assets in transactions. The model can generate multiple stationary equilibria, across which asset prices, market participation, capitalization, output and welfare are positively related. It can also generate a variety of nonstationary...
Persistent link: https://www.econbiz.de/10013135202
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Liquidity and the Threat of Fraudulent Assets
Li, Yiting - 2011
We study an over-the-counter (OTC) market with bilateral meetings and bargaining where the usefulness of assets, as means of payment or collateral, is limited by the threat of fraudulent practices. We assume that agents can produce fraudulent assets at a positive cost, which generates endogenous...
Persistent link: https://www.econbiz.de/10013119877