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Learning About Identification

Author

Listed:
  • Kenneth Kasa

    (Simon Fraser University)

  • In-Koo Cho

    (University of Illinois)

Abstract

multiple stable self-confirming equilibria. As an application, we examine the problem of distinguishing between Classical and Keynesian directions of fit in the Phillips Curve (Sargent [199] and King and Watson [1994]), and claim that that the Classical direction of fit is more robust to experimentation, and is eventually selected by our method almost surely.

Suggested Citation

  • Kenneth Kasa & In-Koo Cho, 2009. "Learning About Identification," 2009 Meeting Papers 762, Society for Economic Dynamics.
    • Handle: RePEc:red:sed009:762
    as

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    References listed on IDEAS

    as
    1. Marcet, Albert & Sargent, Thomas J., 1989. "Convergence of least squares learning mechanisms in self-referential linear stochastic models," Journal of Economic Theory, Elsevier, vol. 48(2), pages 337-368, August.
    2. Reifschneider, David L. & Stockton, David J. & Wilcox, David W., 1997. "Econometric models and the monetary policy process," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 47(1), pages 1-37, December.
    3. Sargent, Thomas J., 1993. "Bounded Rationality in Macroeconomics: The Arne Ryde Memorial Lectures," OUP Catalogue, Oxford University Press, number 9780198288695.
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