On Divergent Dynamics with Ordinary Least Squares Learning
This article addresses the stability properties of a simple economy (characterized by a one-dimensional state variable) when the representative agent, confronted by trajectories that are divergent from the steady state, performs transformations in that variable in order to improve forecasts. We find...
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| Main Authors: | , |
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| Format: | text |
| Language: | English |
| Published: |
Institutional Knowledge at Singapore Management University
2015
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| Subjects: | |
| Online Access: | https://ink.library.smu.edu.sg/soe_research/1640 https://doi.org/10.1016/j.jebo.2014.10.003 |
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| Institution: | Singapore Management University |
| Language: | English |