Information-consistent learning and shifts in long-run productivity
AbstractRecent macroeconomic research has incorporated learning in an inconsistent manner by assuming agents learn with less information than they use in optimization. We present an information-consistent learning framework and illustrate the effects of violating information-consistency.
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Bibliographic InfoArticle provided by Elsevier in its journal Economics Letters.
Volume (Year): 111 (2011)
Issue (Month): 1 (April)
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Web page: http://www.elsevier.com/locate/ecolet
Learning Kalman filter Real business cycle model Technology shocks;
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