1999
DOI: 10.1016/s1574-0048(99)01010-1
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Chapter 7 Learning dynamics

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Cited by 108 publications
(73 citation statements)
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“…As long as seignorage is not too high, the model has two stationary equilibria with constant expected in°ation levels (called low-and high-in°ation equilibria), and a continuum of bubble equilibria that converge to the high-in°ation equilibrium 11 . The main motivation behind the work of SW was to explain 'fact 3' in section 2 as rational bubble equilibria 12 . Their original model does not allow for recurrence of hyperin°ations (fact 1), but the work by Funke et al (1994) shows that recurrence can be explained by introducing a sunspot that turns rational bubbles on and o®.…”
Section: The Model Under Rational Expectationsmentioning
confidence: 99%
See 1 more Smart Citation
“…As long as seignorage is not too high, the model has two stationary equilibria with constant expected in°ation levels (called low-and high-in°ation equilibria), and a continuum of bubble equilibria that converge to the high-in°ation equilibrium 11 . The main motivation behind the work of SW was to explain 'fact 3' in section 2 as rational bubble equilibria 12 . Their original model does not allow for recurrence of hyperin°ations (fact 1), but the work by Funke et al (1994) shows that recurrence can be explained by introducing a sunspot that turns rational bubbles on and o®.…”
Section: The Model Under Rational Expectationsmentioning
confidence: 99%
“…The learning mechanism f is fully described by equations (12) and (14), and the learning parameters ¹ are given by (º,¹ ®):…”
mentioning
confidence: 99%
“…Indeed, even among those professional few who dedicate their working lives to analyzing the economy, uncertainty reigns and disagreements rage over the impact of changes to the macroeconomy. To argue that people can correctly anticipate the price increase that will stem from reduced interest rates appears to grant people predictive powers beyond even those of the central banks responsible for monetary policy (see, for example, Evans & Honkapohja, 1999).…”
Section: Rational Expectations and Rbc: Problems And Criticismsmentioning
confidence: 99%
“…Based on the results by Marcet and Sargent (1989), Evans and Honkapohja (1998, 1999, 2001) have extensively analyzed the relation between E-stability and least-squares learnability of REEs. It is now well-known that there is a tight relation between them, known as the E-stability Principle.…”
Section: Introductionmentioning
confidence: 99%