Learning Stability in Economies with Heterogenous Agents

Arbeitspapier

An economy exhibits structural heterogeneity when the forecasts of different agents have different effects on the determination of aggregate variables. Various forms of structural heterogeneity can arise and we study the important case of economies in which agents' behavior depends on forecasts of aggregate variables and show how different forms of heterogeneity in structure, forecasts, and adaptive learning rules affect the conditions for convergence of adaptive learning towards rational expectations equilibrium. Results are applied to the market model with supply lags and a New Keynesian model of interest rate setting.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: CESifo Working Paper ; No. 772

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Existence and Stability Conditions of Equilibrium ; Search; Learning; Information and Knowledge; Communication; Belief; Unawareness ; Prices, Business Fluctuations, and Cycles: Forecasting and Simulation: Models and Applications
• Thema: adaptive learning ; expectations formation ; stability of equilibrium ; market model ; monetary policy.

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Honkapohja, Seppo ; Mitra, Kaushik
• Ereignis: Veröffentlichung
• (wer): Center for Economic Studies and ifo Institute (CESifo)
• (wo): Munich
• (wann): 2002

Weitere Informationen

• Handle: http://hdl.handle.net/10419/76098
• Letzte Aktualisierung: 10.03.2025, 11:44 MEZ