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Economic Dynamics with Learning: New Stability Results

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Author Info
Evans, George W
Honkapohja, Seppo

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Abstract

Drawing upon recent contributions in the statistical literature, the authors present new results on the convergence of recursive, stochastic algorithms which can be applied to economic models with learning and which generalize previous results. The formal results provide probability bounds for convergence which can be used to describe the local stability under learning of rational expectations equilibria in stochastic models. Economic examples include local stability in a multivariate linear model with multiple equilibria and global convergence in a model with a unique equilibrium. Copyright 1998 by The Review of Economic Studies Limited.

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Publisher Info
Article provided by Blackwell Publishing in its journal Review of Economic Studies.

Volume (Year): 65 (1998)
Issue (Month): 1 (January)
Pages: 23-44
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Handle: RePEc:bla:restud:v:65:y:1998:i:1:p:23-44

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0034-6527

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  1. George Evans & Seppo Honkapohja & Kaushik Mitra, 2007. " Anticipated Fiscal Policy and Adaptive Learning," CDMA Working Paper Series 0717, Centre for Dynamic Macroeconomic Analysis. [Downloadable!]
    Other versions:
  2. Vitor Gaspar & Frank Smets & David Vestin, 2006. "Optimal Monetary Policy under Adaptive Learning," Computing in Economics and Finance 2006 183, Society for Computational Economics. [Downloadable!]
  3. James B. Bullard & George W. Evans & Seppo Honkapohja, 2004. "Near-rational exuberance," Working Papers 2004-025, Federal Reserve Bank of St. Louis. [Downloadable!]
    Other versions:
  4. Atanas Christev, 2007. "Learning Hyperinflations," Money Macro and Finance (MMF) Research Group Conference 2006 126, Money Macro and Finance Research Group. [Downloadable!]
    Other versions:
  5. Kaushik Mitra & Seppo Honkapohja, 2004. "Learning Stability in Economies with Heterogenous Agents," Royal Holloway, University of London: Discussion Papers in Economics 04/17, Department of Economics, Royal Holloway University of London, revised Jul 2004. [Downloadable!]
    Other versions:
  6. George Evans & Seppo Honkapohja & Paul Romer, 1996. "Growth Cycles," NBER Working Papers 5659, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
    • Paul Romer & George Evans & Seppo Hokapohja, . "Growth Cycles," Home Pages _001, Stanford University. [Downloadable!]
    • Evans, Geroge W & Honkapohja, Seppo & Romer, Paul, 1998. "Growth Cycles," American Economic Review, American Economic Association, vol. 88(3), pages 495-515, June. [Downloadable!] (restricted)
  7. In-Koo Cho & Thomas J. Sargent, 2000. "Escaping Nash inflation," Working Paper Series 23, European Central Bank. [Downloadable!]
    Other versions:
  8. Evans , George W & Honkapohja, Seppo, 2007. "Robust learning stability with operational monetary policy rules," Research Discussion Papers 31/2007, Bank of Finland. [Downloadable!]
    Other versions:
  9. Ricardo Nunes, 2005. "Learning the inflation target," Macroeconomics 0504033, EconWPA, revised 26 Apr 2005. [Downloadable!]
  10. James B. Bullard & George W. Evans & Seppo Honkapohja, 2007. "A model of near-rational exuberance," Working Papers 2007-009, Federal Reserve Bank of St. Louis. [Downloadable!]
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