Utilize este identificador para referenciar este registo: http://hdl.handle.net/10400.21/77
Título: The Sticky Information Macro Model: Beyond Perfect Foresight
Autor: Gomes, Orlando Manuel da Costa
Palavras-chave: Adaptive learning, Sticky information, Inflation dynamics, Nonlinearities
Data: 2010
Editora: The Berkeley Electronic Press
Citação: Gomes, O. (2010). “The Sticky-Information Macro Model: Beyond Perfect Foresight.” Studies in Nonlinear Dynamics and Econometrics, vol. 14, issue 1, article 1, pp. 1-35.
Relatório da Série N.º: Repositório comum ISCAL;3
Resumo: Sticky information monetary models have been used in the macroeconomic literature to explain some of the observed features regarding inflation dynamics. In this paper, we explore the consequences of relaxing the rational expectations assumption usually taken in this type of model; in particular, by considering expectations formed through adaptive learning, it is possible to arrive to results other than the trivial convergence to a fixed point long-term equilibrium. The results involve the possibility of endogenous cyclical motion (periodic and a-periodic), which emerges essentially in scenarios of hyperinflation. In low inflation settings, the introduction of learning implies a less severe impact of monetary shocks that, nevertheless, tend to last for additional time periods relative to the pure perfect foresight setup.
URI: http://comum.rcaap.pt/handle/123456789/477
http://hdl.handle.net/10400.21/77
ISSN: 1558-3708
Versão do Editor: http://www.bepress.com/snde/vol14/iss1/art1
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