On the Learnability of Rational Expectations Equilibria in Three Business Cycle Models
AbstractIn this thesis we analyze the learnability of rational expectiations equilibria in three general equilibrium business cycle models. The economic example business cycles models comprise the basic real business cycles model, an increasing returns model and a model with both static and dynamic complementarities. In these models the business cycles are driven by both shocks that affect the production technology and by taste shocks that affect the marginal rate of substitution between consumption and labor. In the two latter models we also analyze the existence and learnability of sunspot rational expectations equilibria.
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Bibliographic InfoPaper provided by Department of Economics in its series University of Helsinki, Department of Economics with number 87.
Length: 55 pages
Date of creation: 2000
Date of revision:
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Postal: University of Helsinki; Department of Economics, P.O.Box 54 (Unioninkatu 37) FIN-00014 Helsingin Yliopisto
Phone: +358 9 191 8897
Fax: +358 9 191 8877
Web page: http://www.helsinki.fi/politiikkajatalous/
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EXPECTATIONS ; BUSINESS CYCLES ; LEARNING;
Find related papers by JEL classification:
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- E37 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Forecasting and Simulation: Models and Applications
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- James B. Bullard & John Duffy, 2004. "Learning and structural change in macroeconomic data," Working Papers 2004-016, Federal Reserve Bank of St. Louis.
- Sergey Slobodyan, 2002.
"Indeterminacy, Sunspots, and Development Traps,"
Computing in Economics and Finance 2002
255, Society for Computational Economics.
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