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  • Does Ricardian Equivalence Hold When Expectations are not Rational? 

    Evans, George W.; Honkapohja, Seppo; Mitra, Kaushik (University of St AndrewsUniversity of OregonBank of Finland, 2010)
    This paper considers the Ricardian Equivalence proposition when expectations are not rational and are instead formed using adaptive learning rules. We show that Ricardian Equivalence continues to hold provided ...
  • Finite Horizon Learning 

    Branch, William A.; Evans, George W.; McGough, Bruce (University of St AndrewsUniversity of CaliforniaOregon State University, 2012)
    Incorporating adaptive learning into macroeconomics requires assumptions about how agents incorporate their forecasts into their decision-making. We develop a theory of bounded rationality that we call finite-horizon ...

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