Adaptive Learning as a Propagation Mechanism
Finally, 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.
|Date of creation:||2007|
|Date of revision:|
|Contact details of provider:|| Postal: Society for Economic Dynamics Marina Azzimonti Department of Economics Stonybrook University 10 Nicolls Road Stonybrook NY 11790 USA|
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- Smith, A A, Jr, 1993. "Estimating Nonlinear Time-Series Models Using Simulated Vector Autoregressions," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 8(S), pages S63-84, Suppl. De.
- 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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