Consistent expectations and misspecification in stochastic non-linear economies

DOI10.1016/j.jedc.2003.08.007zbMath1202.91165OpenAlexW2132211685MaRDI QIDQ953769

Bruce McGough, William A. Branch

Publication date: 6 November 2008

Published in: Journal of Economic Dynamics \& Control (Search for Journal in Brave)

Full work available at URL: https://doi.org/10.1016/j.jedc.2003.08.007

zbMATH Keywords

adaptive learningrational expectationsnon-linear dynamicsmisspecification

Mathematics Subject Classification ID

Special types of economic equilibria (91B52) Rationality and learning in game theory (91A26) Heterogeneous agent models (91B69)

Related Items (12)

Optimal monetary policy in a New Keynesian model with heterogeneous expectations ⋮ Imperfect knowledge, liquidity and bubbles ⋮ Equilibrium stability in a nonlinear cobweb model ⋮ Behavioral learning equilibria ⋮ A stochastic cobweb dynamical model ⋮ A MODEL OF NEAR-RATIONAL EXUBERANCE ⋮ Good luck or good policy? An expectational theory of macro volatility switches ⋮ Restricted perception equilibria and rational expectation equilibrium ⋮ Intrinsic heterogeneity in expectation formation ⋮ Dynamic predictor selection in a New Keynesian model with heterogeneous expectations ⋮ Stable near-rational sunspot equilibria ⋮ Heterogeneity and misspecifications in learning

Cites Work

• On the preservation of deterministic cycles when some agents perceive them to be random fluctuations
• Stable sunspot solutions in models with predetermined variables
• Intrinsic heterogeneity in expectation formation
• On Endogenous Competitive Business Cycles
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