Expectations and Learning under Alternative Monetary Regimes: An Experimental Approach
AbstractWe design and analyze experimental versions of monetary overlapping generations economies under alternative policy regimes. Economies with a constant level of real deficit financed through seigniorage, economies in which the level of deficit is adapted in order to follow a monetary policy with a target rate of inflation, and economies with preannounced changes in deficit levels are reported here. We also examine the behavior of an economy with no stationary competitive equilibrium. Our time series are compared to rational expectations equilibrium paths and to adaptive learning dynamics.
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Bibliographic InfoArticle provided by Springer in its journal Economic Theory.
Volume (Year): 4 (1994)
Issue (Month): 1 (January)
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Web page: http://link.springer.de/link/service/journals/00199/index.htm
Other versions of this item:
- Marimon, R. & Sunder, S., 1993. "Expectations and Learning under Alternative Monetary Regimes: An Experimental Approach," Papers, Cambridge - Risk, Information & Quantity Signals 189, Cambridge - Risk, Information & Quantity Signals.
- Ramon Marimon & Shyam Sunder, 1993. "Expectations and learning under alternative monetary regimes: An experimental approach," Economics Working Papers 37, Department of Economics and Business, Universitat Pompeu Fabra.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Grandmont Jean-michel & Laroque G, 1990. "Economic dynamics with learning : some instability examples," CEPREMAP Working Papers (Couverture Orange) 9007, CEPREMAP.
- Bruno, Michael, 1989. "Econometrics and the Design of Economic Reform," Econometrica, Econometric Society, Econometric Society, vol. 57(2), pages 275-306, March.
- Imrohoroglu, Selahattin, 1993. "Testing for sunspot equilibria in the German hyperinflation," Journal of Economic Dynamics and Control, Elsevier, Elsevier, vol. 17(1-2), pages 289-317.
- Aliprantis, Charalambos D & Plott, Charles R, 1992.
"Competitive Equilibria in Overlapping Generations Experiments,"
Economic Theory, Springer,
Springer, vol. 2(3), pages 389-426, July.
- Aliprantis, Charalambos D. & Plott, Charles R., . "Competitive Equilibria in Overlapping Generations Experiments," Working Papers, California Institute of Technology, Division of the Humanities and Social Sciences 746, California Institute of Technology, Division of the Humanities and Social Sciences.
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