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Sufficient Conditions and Necessary Conditions for delta-stability

Author

Listed:
  • Anna Bogomolova

    (CERGE-EI)

  • Dmitri Kolyuzhnov

    (CERGE-EI)

Abstract

We provide sufficient conditions and necessary conditions for stability of an economy under structural mixed recursive least squares/stochastic gradient heterogeneous learning of agents with possibly different degrees of inertia. We have found a unifying condition which is sufficient for convergence of an economy under such general type of adaptive learning towards rational expectations equilibrium for a broad class of economic models. We demonstrate and provide interpretation of this condition on an economic example

Suggested Citation

  • Anna Bogomolova & Dmitri Kolyuzhnov, 2006. "Sufficient Conditions and Necessary Conditions for delta-stability," Computing in Economics and Finance 2006 312, Society for Computational Economics.
  • Handle: RePEc:sce:scecfa:312
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    Cited by:

    1. Dmitri Kolyuzhnov & Anna Bogomolova, 2007. "Optimal Monetary Policy Rules: The Problem of Stability under Heterogeneous Learning," 2007 Meeting Papers 713, Society for Economic Dynamics.

    More about this item

    Keywords

    Adaptive learning; stability of equilibrium; heterogeneous agents;

    JEL classification:

    • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General

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