Showing 1 - 10 of 58
Persistent link: https://www.econbiz.de/10001759796
Persistent link: https://www.econbiz.de/10001652333
Persistent link: https://www.econbiz.de/10002702604
This paper shows that the Ricardian Equivalence proposition can continue to hold when expectations are not rational and are instead formed using adaptive learning rules. In temporary equilibrium, with given expectations, Ricardian Equivalence holds under the standard conditions for its validity...
Persistent link: https://www.econbiz.de/10013143807
What is the impact of surprise and anticipated policy changes when agents form expectations using adaptive learning rather than rational expectations? We examine this issue using the standard stochastic real business cycle model with lump-sum taxes. Agents combine knowledge about future policy...
Persistent link: https://www.econbiz.de/10013118572
​We examine global dynamics under infinite-horizon learning in New Keynesian models where monetary policy practices either price-level or nominal GDP targeting and compare these regimes to inflation targeting. These interest-rate rules are subject to the zero lower bound. Robustness of the...
Persistent link: https://www.econbiz.de/10013059492
Using the standard real business cycle model with lump-sum taxes, we analyze the impact of fiscal policy when agents form expectations using adaptive learning rather than rational expectations (RE). The output multipliers for government purchases are significantly higher under learning, and fall...
Persistent link: https://www.econbiz.de/10013111705
Persistent link: https://www.econbiz.de/10003972334
Persistent link: https://www.econbiz.de/10009485744
Persistent link: https://www.econbiz.de/10009377331