Information-consistent learning and shifts in long-run productivity

Recent macroeconomic research has incorporated learning in an inconsistent manner by assuming agents learn with less information than they use in optimization. We present an information-consistent learning framework and illustrate the effects of violating information-consistency.

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Year of publication:	2011
Authors:	Fout, Hamilton B. ; Francis, Neville R.
Published in:	Economics Letters. - Elsevier, ISSN 0165-1765. - Vol. 111.2011, 1, p. 91-94
Publisher:	Elsevier
Keywords:	Learning Kalman filter Real business cycle model Technology shocks

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Type of publication:	Article
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10008866908