Notes on Agents’ Behavioral Rules Under Adaptive Learning and Studies of Monetary Policy
AbstractThese notes try to clarify some discussions on the formulation of individual intertemporal behavior under adaptive learning in representative agent models. First, we discuss two suggested approaches and related issues in the context of a simple consumption-saving model. Second, we show that the analysis of learning in the NewKeynesian monetary policy model based on “Euler equations” provides a consistent and valid approach.
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Bibliographic InfoPaper provided by Scottish Institute for Research in Economics (SIRE) in its series SIRE Discussion Papers with number 2011-04.
Date of creation: 2011
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Euler equation; New Keynesian; Adaptive learning;
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