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Adaptive Learning as a Propagation Mechanism

  • Bruce Preston

    (Columbia University)

  • Stefano Eusepi

    (Federal Reserve Bank of New York)

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.

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Paper provided by Society for Economic Dynamics in its series 2007 Meeting Papers with number 954.

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Date of creation: 2007
Date of revision:
Handle: RePEc:red:sed007:954
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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  1. Cogley, Timothy & Nason, James M, 1995. "Output Dynamics in Real-Business-Cycle Models," American Economic Review, American Economic Association, vol. 85(3), pages 492-511, June.
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