Expectations and Learning under Alternative Monetary Regimes: An Experimental Approach
We design and analyze experimental versions of monetary overlapping generations economies under alternative policy regimes. Economies with a constant level of real deficit financed through seigniorage, economies in which the level of deficit is adapted in order to follow a monetary policy with a target rate of inflation, and economies with preannounced changes in deficit levels are reported here. We also examine the behavior of an economy with no stationary competitive equilibrium. Our time series are compared to rational expectations equilibrium paths and to adaptive learning dynamics.
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- Bruno, Michael, 1989. "Econometrics and the Design of Economic Reform," Econometrica, Econometric Society, vol. 57(2), pages 275-306, March.
- Imrohoroglu, Selahattin, 1993. "Testing for sunspot equilibria in the German hyperinflation," Journal of Economic Dynamics and Control, Elsevier, vol. 17(1-2), pages 289-317.
- Grandmont Jean-michel & Laroque G, 1990. "Economic dynamics with learning : some instability examples," CEPREMAP Working Papers (Couverture Orange) 9007, CEPREMAP.
- Aliprantis, Charalambos D & Plott, Charles R, 1992.
"Competitive Equilibria in Overlapping Generations Experiments,"
Springer, vol. 2(3), pages 389-426, July.
- Aliprantis, Charalambos D. & Plott, Charles R., . "Competitive Equilibria in Overlapping Generations Experiments," Working Papers 746, California Institute of Technology, Division of the Humanities and Social Sciences.
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