Adam, Klaus (contributor); Evans, George W. (contributor); … - 2003 - [Elektronische Ressource]
-inflation steady state is not stable under adaptive learning.
We reconsider this issue and analyze the full set of solutions for the … hyperinflationary
paths are stable under learning if agents can utilize contemporane-
ous data. However, in an economy populated by a … learning of the high in-
flation steady state suggest that this steady state may not be a plausible
equilibrium.
(Marcet and …