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  • A Model of Near-Rational Exuberance 

    Evans, George W.; Bullard, James; Honkapohja, Seppo (University of St AndrewsFederal Reserve Bank of St. LouisUniversity of Cambridge, 2009)
    We study how the use of judgement or “add-factors” in forecasting may disturb the set of equilibrium outcomes when agents learn using recursive methods. We isolate conditions under which new phenomena, which we call ...

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