Stability of functional rational expectations equilibria
成果类型：
Article
署名作者：
Kelly, DL; Shorish, J
署名单位：
University of Miami
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.2000.2690
发表日期：
2000
页码：
215-250
关键词：
摘要：
In this paper we examine a representative agent forecasting prices in a first-order self-referential overlapping generations model. We first consider intermediate stage learning, where agents update the forecasting rule every m periods. We show that, in theory and simulations, the learning rule does not converge to the rational expectations equilibrium (REE). We next consider two stage learning, where agents learn the functional mapping between the current forecast function and the previous forecast function. We show that in theory and simulations the two stage learning rule converges to the REE. Journal of Economic Literature Classifications Numbers: C62, C63, D83. (C) 2000 Academic Press.
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