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Shocks, learning, and persistence

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  • John Bryant

Abstract

A simple model of the process of learning in a diverse economy is presented. This model produces a stylized business cycle with shocks which precipitate the learning process. All agents have the same information, which implies that this business cycle cannot be reduced by improved information flow, counter to many models of output and employment fluctuation.

Suggested Citation

  • John Bryant, 1980. "Shocks, learning, and persistence," Staff Report 50, Federal Reserve Bank of Minneapolis.
    • Handle: RePEc:fip:fedmsr:50
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    References listed on IDEAS

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    1. Bryant, John & Wallace, Neil, 1980. "Open-Market Operations in a Model of Regulated, Insured Intermediaries," Journal of Political Economy, University of Chicago Press, vol. 88(1), pages 146-173, February.
    2. Bryant, John, 1978. "Relative prices and inventory investment," Journal of Monetary Economics, Elsevier, vol. 4(1), pages 85-102, January.
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