|
Title:
|
Adaptive Learning in Models with Lagged Variables
|
|
Author:
|
Leiva Maldonado, Wilfredo
|
|
Other authors:
|
Universitat Pompeu Fabra. Departament d'Economia i Empresa |
|
Abstract:
|
In this work I study the stability of the dynamics generated by adaptive learning processes in intertemporal economies with lagged variables. I prove that determinacy of the steady state is a necessary condition for the convergence of the learning dynamics and I show that the reciprocal is not true characterizing the economies where convergence holds. In the case of existence of cycles I show that there is not, in general, a relationship between determinacy and convergence of the learning process to the cycle. I also analyze the expectational stability of these equilibria. |
|
Publication date:
|
2005-09-15 |
|
Subject(s):
|
Intertemporal equilibrium, models with lagged variables, adaptive learning processes, expectational stability |
|
Rights:
|
Aquest document està subjecte a una llicència d'ús de Creative Commons, amb la qual es permet copiar, distribuir i comunicar públicament l'obra sempre que se'n citin l'autor original, la universitat i el departament i no se'n faci cap ús comercial ni obra derivada, tal com queda estipulat en la llicència d'ús (http://creativecommons.org/licenses/by-nc-nd/2.5/es/) |
|
Document type:
|
Working Paper |
|
Share:
|
|
