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Notes on Agents’ Behavioral Rules Under Adaptive Learning and Studies of Monetary Policy

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Author Info

  • Honkapohja, Seppo
  • Mitra, Kaushik
  • Evans, George W.

Abstract

These 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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File URL: http://repo.sire.ac.uk/handle/10943/246
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Bibliographic Info

Paper provided by Scottish Institute for Research in Economics (SIRE) in its series SIRE Discussion Papers with number 2011-04.

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Date of creation: 2011
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Handle: RePEc:edn:sirdps:246

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Related research

Keywords: Euler equation; New Keynesian; Adaptive learning;

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Cited by:
  1. Ichiro Muto, 2007. "Productivity Growth, Transparency, and Monetary Policy," IMES Discussion Paper Series 07-E-08, Institute for Monetary and Economic Studies, Bank of Japan.
  2. Massaro, Domenico, 2013. "Heterogeneous expectations in monetary DSGE models," Journal of Economic Dynamics and Control, Elsevier, vol. 37(3), pages 680-692.
  3. Takushi Kurozumi & Willem Van Zandweghe, 2010. "Learning about monetary policy rules when labor market search and matching frictions matter," Research Working Paper RWP 10-14, Federal Reserve Bank of Kansas City.

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