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Stability of Sunspot Equilibria under Adaptive Learning with Imperfect Information
http://hdl.handle.net/2261/00076545
http://hdl.handle.net/2261/000765452e379cb5-6471-4c43-bd66-6ab334f57e07
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
cb-wp005.pdf (11.5 MB)
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| Item type | テクニカルレポート / Technical Report(1) | |||||
|---|---|---|---|---|---|---|
| 公開日 | 2019-02-14 | |||||
| タイトル | ||||||
| タイトル | Stability of Sunspot Equilibria under Adaptive Learning with Imperfect Information | |||||
| 言語 | ||||||
| 言語 | eng | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | Sunspot equilibria | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | Stability | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | Adaptive learning | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | Private information | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | Heterogeneous beliefs | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | Taylor principle | |||||
| 資源タイプ | ||||||
| 資源 | http://purl.org/coar/resource_type/c_18gh | |||||
| タイプ | technical report | |||||
| 著者 |
McGough, Bruce
× McGough, Bruce× Nakagawa, Ryuichi |
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| 著者所属 | ||||||
| 著者所属 | Department of Economics, University of Oregon | |||||
| 著者所属 | ||||||
| 著者所属 | Faculty of Economics, Kansai University | |||||
| 抄録 | ||||||
| 内容記述タイプ | Abstract | |||||
| 内容記述 | This paper investigates whether sunspot equilibria are stable under agents’ adaptive learning with imperfect information sets of exogenous variables. Each exogenous variable is observable for a part of agents and unobservable from others so that agents’ forecasting models are heterogeneously misspecified. The paper finds that stability conditions of sunspot equilibria are relaxed or unchanged by imperfect information. In a basic New Keynesian model with highly imperfect information, sunspot equilibria are stable if and only if nominal interest rate rules violate the Taylor principle. This result is contrast to the literature in which sunspot equilibria are stable only if policy rules follow the principle, and is consistent with the observations during past business cycles fluctuations. | |||||
| 内容記述 | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | Publisher's another name: JSPS Grants-in-Aid for Scientific Research (S) Central Bank Communication Design | |||||
| 書誌情報 |
Working Papers on Central Bank Communication 巻 005, 発行日 2019-01-31 |
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| 著者版フラグ | ||||||
| 値 | publisher | |||||
| 出版者 | ||||||
| 出版者 | Research Project on Central Bank Communication | |||||
| 関係URI | ||||||
| 識別子タイプ | URI | |||||
| 関連識別子 | http://www.centralbank.e.u-tokyo.ac.jp/en/category/research-data/ | |||||
