This paper investigates the dynamics in a stock market where investors have heterogeneous beliefs about future prices of a risky asset, due both to information asymmetries on the "fundamentals", and to an investor specific vector of parameters that defines the strategy adopted to generate a...

A huge amount of empirical evidence is clear-cut in suggesting that post-war inflation rates dynamics in several industrialized countries may be modeled as switches among multiple regimes (i.e., time series for inflation rates are typically piecewise stationary around two or more averages). In...