Adaptive Learning as a Propagation Mechanism
AbstractFinally, following Smith (1993), we estimate the model using indirect inference methods. The empirical implications of the model both under learning and rational expectations are explored. Furthermore, we test the relative importance of various model frictions and learning dynamics in capturing the volatility and persistence of observed macroeconomic data.
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Bibliographic InfoPaper provided by Society for Economic Dynamics in its series 2007 Meeting Papers with number 954.
Date of creation: 2007
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Postal: Society for Economic Dynamics Christian Zimmermann Economic Research Federal Reserve Bank of St. Louis PO Box 442 St. Louis MO 63166-0442 USA
Web page: http://www.EconomicDynamics.org/society.htm
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- Timothy Cogley & James M. Nason, 1993.
"Output dynamics in real business cycle models,"
Working Papers in Applied Economic Theory
93-10, Federal Reserve Bank of San Francisco.
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