Lux, Thomas; Schornstein, Sascha - Institut für Volkswirtschaftslehre, … - 2003
equilibrium dynamics resulting from this learning process helps to explain the main stylized facts of free-floating exchange rates … data indicates that for particular parameterizations, the characteristics of the exchange rate dynamics are, in fact, very …) and the number of agents (not more than about 1000). With a larger population, this collective learning dynamics looses …