Three essays on adaptive learning in monetary economics
Başlık çevirisi mevcut değil.
- Tez No: 400320
- Danışmanlar: PROF. JOHN DUFFY
- Tez Türü: Doktora
- Konular: Ekonomi, Economics
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 2007
- Dil: İngilizce
- Üniversite: University of Pittsburgh
- Enstitü: Yurtdışı Enstitü
- Ana Bilim Dalı: Ekonomi Ana Bilim Dalı
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 91
Özet
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Özet (Çeviri)
Adaptive learning is important in dynamic models since it is a process that shows the im-provement in the understanding of the agents of the model. Whenever there is a dynamicenvironment, there is a room for improvement through learning. In this thesis I analyze theadaptive learning of the agents in di¤erent setups. In my .rst paper I show that adaptivelearning does not eliminate the multiplicity of stationary equilibria in the Diamond overlap-ping generations model with money and productive capital; both dynamically e¢ cient andine¢ cient equilibria are found to be stable under adaptive learning. In my second paper Ishow that the two agents of a natural-rate model, with di¤erent beliefs, learn the economywhich leads to convergence or endogenous .uctuations of the in.ation rate under di¤erentconditions. And in my last paper I show that a central bank with an extraneous instrument,“cheap talk”announcements, can in.uence the private sector to achieve better outcomesthan could be obtained by manipulating the nominal interest rate alone with full knowledgeof private sector expectation formation and in anything less than full knowledge, the privatesector learns to discount announcements.
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