Temporary equilibrium dynamics with bayesian learning
This paper examines the stability of deterministic steady states in a class of economies where the state variable is one dimensional and where agents use Bayesian techniques to form expectations. The dynamics with learning are locally convergent if the prior mean is close to a stable perfect-foresig...
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| Format: | text |
| Language: | English |
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Institutional Knowledge at Singapore Management University
1995
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| Online Access: | https://ink.library.smu.edu.sg/soe_research/1956 https://ink.library.smu.edu.sg/context/soe_research/article/2955/viewcontent/Temporary_Equilibrium_Dynamics_with_Bayesian_Learning.pdf |
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| Institution: | Singapore Management University |
| Language: | English |