| 期刊全称 | Are Policy Variables Exogenous? | | 期刊简称 | The Econometric Impl | | 影响因子2023 | Balazs Horvath | | 视频video | | | 学科分类 | Lecture Notes in Economics and Mathematical Systems | | 图书封面 |  | | 影响因子 | 1. 1 Motivation and Definition of Topic To provide motivation and to help define the topic of this study, important links between specific areas of economic theory are first highlighted. (i) Learning and Rational Expectations Theory In a standard rational expectations setting, agents in equilibrium have all the information about the model that enables them to correctly forecast future payoff-relevant variables. What rational expectations theory in its standard form does not tell us is what happens outside a rational expectations equilibrium. Less than complete knowledge of the model is a possible way to represent a situation outside the rational expectations equilibrium. It is natural to assume that agents recognize error and optimally utilize all available external information to improve on their information level, i. e. learn. Based on the information acquired by learning they modify their behavior. Under certain conditions learning steers the economy to the rational expectations equilibrium (Spear (1989), Blume, Bray and Easley (1982), Townsend (1983». This literature shows that learning is a possible mechanism to acquire the necessary level of information that agents are assume | | Pindex | Book 1991 |
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发表于 2025-3-21 18:40:37
