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Expectations and Learning under Alternative Monetary Regimes: An Experimental Approach

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  • Marimon, R.
  • Sunder, S.

Abstract

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.
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)

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  • Marimon, R. & Sunder, S., 1993. "Expectations and Learning under Alternative Monetary Regimes: An Experimental Approach," Papers 189, Cambridge - Risk, Information & Quantity Signals.
    • Handle: RePEc:fth:cambri:189
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    as
    1. Aliprantis, Charalambos D & Plott, Charles R, 1992. "Competitive Equilibria in Overlapping Generations Experiments," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 2(3), pages 389-426, July.
    2. 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.
    3. Bruno, Michael, 1989. "Econometrics and the Design of Economic Reform," Econometrica, Econometric Society, vol. 57(2), pages 275-306, March.
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    Keywords

    monetary policy ; debt;

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