Now showing items 1-5 of 5

  • Baysian Model Averaging, Learning and Model Selection 

    Mitra, Kaushik; Evans, George W.; Honkapohja, Seppo (University of St AndrewsBank of Finland, 2012)
    Agents have two forecasting models, one consistent with the unique rational expectations equilibrium, another that assumes a time-varying parameter structure. When agents use Bayesian updating to choose between models in ...
  • 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 ...
  • Expectations, Learning and Monetary Policy: An Overview of Recent Research 

    Evans, George W.; Honkapohja, Seppo (University of OregonUniversity of St AndrewsBank of FinlandUniversity of Cambridge, 2008)
    Expectations about the future are central for determination of current macroeconomic outcomes and the formulation of monetary policy. Recent literature has explored ways for supplementing the benchmark of rational expectations ...
  • Fiscal Policy and Learning 

    Mitra, Kaushik; Evans, George W.; Honkapohja, Seppo (University of St AndrewsBank of Finland, 2012)
    Using the standard real business cycle model with lump-sum taxes, we analyze the impact of fiscal policy when agents form expectations using adaptive learning rather than rational expectations (RE). The output multipliers ...
  • Notes on Agents’ Behavioral Rules Under Adaptive Learning and Studies of Monetary Policy 

    Honkapohja, Seppo; Mitra, Kaushik; Evans, George W. (University of St AndrewsBank of Finland, 2011)
    These notes try to clarify some discussions on the formulation of individual intertemporal behavior under adaptive learning in representative agent models. First, we discuss two suggested approaches and related issues ...

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