Arbeitspapier
Expectational business cycles
I introduce Expectational Business Cycles where aggregate activity fluctuates due to learning, heterogeneous updating rules and random changes in the social norm predictor.Agents use one of two updating rules to learn the equilibrium values while heterogeneity is dictated via an evolutionary process.Uncertainty of a new equilibrium, due to a shock to the structure of the economy, results in a sudden decrease in output.As agents learn the equilibrium, output slowly increases to its equilibrium value. These business cycles arrive faster, are longer and more severe as agents possess less rationality.
- ISBN
-
952-462-156-8
- Sprache
-
Englisch
- Erschienen in
-
Series: Bank of Finland Discussion Papers ; No. 19/2004
- Klassifikation
-
Wirtschaft
Existence and Stability Conditions of Equilibrium
Expectations; Speculations
Prices, Business Fluctuations, and Cycles: Forecasting and Simulation: Models and Applications
- Thema
-
adaptive learning
aggregate fluctuations
heterogeneous expectations
multiple equilibria
rational expectations
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Guse, Eran A.
- Ereignis
-
Veröffentlichung
- (wer)
-
Bank of Finland
- (wo)
-
Helsinki
- (wann)
-
2004
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Guse, Eran A.
- Bank of Finland
Entstanden
- 2004
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