Details about Seppo Mikko Sakari Honkapohja

E-mail:
Homepage:	http://www.econ.cam.ac.uk/faculty/honkapohja/index.htm
Phone:	+358-10-8312005
Postal address:	Bank of Finland, P.O. Box 160, 00101 Helsinki, Finland
Workplace:	Centre for Economic Policy Research (CEPR), (more information at EDIRC) CESifo, (more information at EDIRC) Faculty of Economics, University of Cambridge, (more information at EDIRC) Research Unit on Economic Structures and Growth (RUESG), Valtiotieteellinen tiedekunta (Faculty of Social Sciences), Helsingin Yliopisto (University of Helsinki), (more information at EDIRC) Suomen Pankki (Bank of Finland), (more information at EDIRC)

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Working Papers

2008

1. Expectations, Learning and Monetary Policy: An Overview of Recent Rersearch
   CEPR Discussion Papers, C.E.P.R. Discussion Papers
   Also in
   CDMA Working Paper Series, Centre for Dynamic Macroeconomic Analysis (2008)
   Research Discussion Papers, Bank of Finland (2007) View citations
2. Robust Learning Stability with Operational Monetary Policy Rules
   CEPR Discussion Papers, C.E.P.R. Discussion Papers
   Also in
   Research Discussion Papers, Bank of Finland (2007) View citations

2007

3. A model of near-rational exuberance
   Working Papers, Federal Reserve Bank of St. Louis View citations
4. Anticipated Fiscal Policy and Adaptive Learning
   University of Oregon Economics Department Working Papers, University of Oregon Economics Department
   Also in
   CDMA Working Paper Series, Centre for Dynamic Macroeconomic Analysis (2007)
   CEPR Discussion Papers, C.E.P.R. Discussion Papers (2007)
   Cambridge Working Papers in Economics, Faculty of Economics, University of Cambridge (2007)
5. Generalized Stochastic Gradient Learning
   University of Oregon Economics Department Working Papers, University of Oregon Economics Department View citations
   Also in
   CESifo Working Paper Series, CESifo GmbH (2005) View citations
   Cambridge Working Papers in Economics, Faculty of Economics, University of Cambridge (2005) View citations
   NBER Technical Working Papers, National Bureau of Economic Research, Inc (2005) View citations
6. Liquidity Traps, Learning and Stagnation
   Cambridge Working Papers in Economics, Faculty of Economics, University of Cambridge
   Also in
   Kiel Working Papers, Kiel Institute for the World Economy (2007)
   CEPR Discussion Papers, C.E.P.R. Discussion Papers (2007)
   University of Oregon Economics Department Working Papers, University of Oregon Economics Department (2007)
7. Monetary policy, judgment and near-rational exuberance
   Working Papers, Federal Reserve Bank of St. Louis View citations
8. Policy Interaction, Learning and the Fiscal Theory of Prices
   University of Oregon Economics Department Working Papers, University of Oregon Economics Department View citations
   Also in
   CEPR Discussion Papers, C.E.P.R. Discussion Papers (2002) View citations
   Research Discussion Papers, Bank of Finland (2002) View citations
   See Also Journal Article in Macroeconomic Dynamics (2007)

2006

9. Near-Rational Exuberance
   University of Oregon Economics Department Working Papers, University of Oregon Economics Department
   Also in
   Working Paper Series, European Central Bank (2005) View citations
   Working Papers, Federal Reserve Bank of St. Louis (2004)
   Cambridge Working Papers in Economics, Faculty of Economics, University of Cambridge (2005) View citations

2005

10. An Interview with Thomas J. Sargent
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department View citations
    Also in
    CESifo Working Paper Series, CESifo GmbH (2005) View citations
    See Also Journal Article in Macroeconomic Dynamics (2005)
11. Are Hyperinflationary Paths Learnable?
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department View citations
12. Increasing Returns, Learning, and Beneficial Tax Competition
    Working Papers, University of New Orleans, Department of Economics and Finance
    See Also Journal Article in Journal of Public Economic Theory (2007)
13. Monetary Policy, Expectations and Commitment
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department
    Also in
    Working Paper Series, European Central Bank (2002) View citations
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2002) View citations
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department (2004) View citations
    See Also Journal Article in Scandinavian Journal of Economics (2006)
14. Stable Sunspot Equilibira in a Cash-in-Advance Economy
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department
    Also in
    CESifo Working Paper Series, CESifo GmbH (2001) View citations
    Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra (2005)
    See Also Journal Article in Advances in Macroeconomics (2007)
15. The E-correspondence Principle
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department View citations
    Also in
    CESifo Working Paper Series, CESifo GmbH (2004)
    See Also Journal Article in Economica (2007)

2004

16. Adaptive Learning and Monetary Policy Design
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department View citations
    Also in
    Macroeconomics, EconWPA (2004) View citations
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2003) View citations
    Research Discussion Papers, Bank of Finland (2002) View citations
    See Also Journal Article in Proceedings (2003)
17. Are Non-Fundamental Equilibria Learnable in Models of Monetary Policy?
    Royal Holloway, University of London: Discussion Papers in Economics, Department of Economics, Royal Holloway University of London View citations
    Also in
    Discussion Papers, Department of Economics, University of York View citations
    University of Helsinki, Department of Economics, Department of Economics (2001) View citations
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2001) View citations
    See Also Journal Article in Journal of Monetary Economics (2004)
18. Are Stationary Hyperinflation Paths Learnable?
    CFS Working Paper Series, Center for Financial Studies View citations
19. Friedman’s money supply rule vs optimal interest rate policy
    Macroeconomics, EconWPA
    Also in
    Research Discussion Papers, Bank of Finland (2003) View citations
    See Also Journal Article in Scottish Journal of Political Economy (2003)
20. Gains and Losses from Tax Competition with Migration
    Cambridge Working Papers in Economics, Faculty of Economics, University of Cambridge View citations
    Also in
    Working Papers, University of New Orleans, Department of Economics and Finance (2004) View citations
21. Learning Stability in Economies with Heterogenous Agents
    Royal Holloway, University of London: Discussion Papers in Economics, Department of Economics, Royal Holloway University of London
    Also in
    CESifo Working Paper Series, CESifo GmbH (2002) View citations
    Working Paper Series, European Central Bank (2002)
    See Also Journal Article in Review of Economic Dynamics (2006)
22. Monetary Policy with Internal Central Bank Forecasting: A Case of Heterogenous Information
    Royal Holloway, University of London: Discussion Papers in Economics, Department of Economics, Royal Holloway University of London
23. Performance of Inflation Targeting Based On Constant Interest Rate Projections
    Royal Holloway, University of London: Discussion Papers in Economics, Department of Economics, Royal Holloway University of London View citations
    Also in
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2003) View citations
    CFS Working Paper Series, Center for Financial Studies (2003) View citations
    CDMA Conference Paper Series, Centre for Dynamic Macroeconomic Analysis (2004) View citations
    Computing in Economics and Finance 2004, Society for Computational Economics (2004) View citations
    See Also Journal Article in Journal of Economic Dynamics and Control (2005)
24. Performance of Monetary Policy with Internal Central Bank Forecasting
    Royal Holloway, University of London: Discussion Papers in Economics, Department of Economics, Royal Holloway University of London View citations
    Also in
    Working Paper Series, European Central Bank (2002) View citations
    Research Discussion Papers, Bank of Finland (2002) View citations
    See Also Journal Article in Journal of Economic Dynamics and Control (2005)
25. Policy Interaction, Expectations and the Liquidity Trap
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department View citations
    Also in
    Working Paper, Federal Reserve Bank of Atlanta (2003) View citations
    Macroeconomics, EconWPA (2004) View citations
    Research Discussion Papers, Bank of Finland (2003) View citations
    See Also Journal Article in Review of Economic Dynamics (2005)
26. The problems of learning and indeterminacy in inflation targeting based on constant interest rate projections
    Money Macro and Finance (MMF) Research Group Conference 2003, Money Macro and Finance Research Group

2003

27. Adaptive Learning in Stochastic Nonlinear Models When Shocks Follow a Markov Chain
    Discussion Papers, University of Copenhagen. Department of Economics
28. Discussion of Preston, "Learning about monetary policy rules when long-horizon expectations matter"
    Working Paper, Federal Reserve Bank of Atlanta
29. Freidman's Money Supply Rule versus Optimal Interest Rate Policy
    CEPR Discussion Papers, C.E.P.R. Discussion Papers
    Also in
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department (2003) View citations
30. Policy Interaction, Expectation and Liquidity Trap
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations

2002

31. Existence of Adaptively Stable Sunspot Equilibria near an Indeterminate Steady State
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department View citations
    Also in
    CESifo Working Paper Series, CESifo GmbH (2001) View citations
    See Also Journal Article in Journal of Economic Theory (2003)
32. Expectational Stability of Stationary Sunspot Equilibria in a Forward-looking Linear Model
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department View citations
    See Also Journal Article in Journal of Economic Dynamics and Control (2003)

2001

33. Expectational Stability of Resonant Frequency Sunspot Equilibria
    CESifo Working Paper Series, CESifo GmbH View citations
34. Expectations and the Stability Problem for Optimal Monetary Policies
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations
    Also in
    University of Oregon Economics Department Working Papers, University of Oregon Economics Department (2001) View citations
    University of Helsinki, Department of Economics, Department of Economics (2000) View citations
    Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank, Research Centre (2000) View citations
    See Also Journal Article in Review of Economic Studies (2003)

1999

35. Complementarity, Growth and Trade
    CEPR Discussion Papers, C.E.P.R. Discussion Papers
    Also in
    University of Helsinki, Department of Economics, Department of Economics (1999)
    See Also Journal Article in Canadian Journal of Economics (2002)
36. Learning Dynamics: Complete and Incomplete Learning
    University of Helsinki, Department of Economics, Department of Economics
37. Learning with Bounded Memory in Stochastic Models
    University of Helsinki, Department of Economics, Department of Economics View citations
    Also in
    Computing in Economics and Finance 1999, Society for Computational Economics (1999) View citations
    Discussion Papers, Department of Economics, University of York
    See Also Journal Article in Journal of Economic Dynamics and Control (2003)

1998

38. Stochastic Gradient Learning in the Cobweb Model
    University of Helsinki, Department of Economics, Department of Economics View citations
    See Also Journal Article in Economics Letters (1998)

1996

39. Convergence in Monetary Inflation Models with Heterogeneous Learning Rules
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations
40. Convergence of Learning Algorithms without a Projection Facility
    CESifo Working Paper Series, CESifo GmbH View citations
    See Also Journal Article in Journal of Mathematical Economics (1998)
41. Economic Dynamics with Learning: New Stability Results
    CESifo Working Paper Series, CESifo GmbH View citations
    Also in
    Computing in Economics and Finance 1997, Society for Computational Economics
    See Also Journal Article in Review of Economic Studies (1998)
42. Growth Cycles
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
    See Also Journal Article in American Economic Review (1998)

1993

43. Adaptive Forecasts
    CEP Discussion Papers, Centre for Economic Performance, LSE View citations

1992

44. Adaptive Learning and Expectational Stability: An Introduction - (Now published as Ch.4 in Learning Rationality in Economics, A Kirman and M Salmon (eds), 1995, Basil Blackwell, Oxford), pp.102-126.)
    STICERD - Theoretical Economics Paper Series, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE
45. Country Characteristics and the Choice of the Exchange Rate Regime: Are Mini-skirts Followed by Maxis?
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations
46. Local Convergence of Recursive Learning to Steady States and Cycles in Stochastic Nonlinear Models - (Now published in Econometrica, vol.63 (1995), pp.195-206.)
    STICERD - Theoretical Economics Paper Series, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE
47. On the Local Stability of Sunspot Equilibria Under Adaptive Learning Rules - (Now published in Journal of Economic Theory, vol.64 (1994), pp.142-161.)
    STICERD - Theoretical Economics Paper Series, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE

1991

48. A Monopoly Union Model of Wage Determination with Taxes and Endogenous Capital Stock: An Empirical Application to the Finnish Manufacturing Industry
    CEPR Discussion Papers, C.E.P.R. Discussion Papers
49. On the Preservation of Deterministic Cycles when some Agents Perceive them to be Random Fluctuations (Now published in Journal of Economic Dynamics and Control, vol.17 (1993), pp.705-721.)
    STICERD - Theoretical Economics Paper Series, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE
50. Precautionary Saving, Government Policy and Growth in a Stochastic Cash-in-Advance Economy
    CEPR Discussion Papers, C.E.P.R. Discussion Papers

1990

51. Learning, Convergence, and Stability with Multiple Rational Expectations Equilibria - (Now published in European Economic Review, vol.38 (1994), pp.1071-1098.)
    STICERD - Theoretical Economics Paper Series, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE
52. Supply Side Uncertainty and Effects of Government Financing Decisions
    CEPR Discussion Papers, C.E.P.R. Discussion Papers

1989

53. On the Robustness of Bubbles in Linear RE Models (Now published in International Economic Review, vol.33, No.1 (1992), pp.1-14.)
    STICERD - Theoretical Economics Paper Series, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE

1987

54. Government Deficits and Speculation
    CEPR Discussion Papers, C.E.P.R. Discussion Papers

1981

55. Bilateral Contracts
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
    See Also Journal Article in Journal of Mathematical Economics (1983)

1979

56. A Stochastic Approach to Disequilibrium Macroeconomics
    NBER Technical Working Papers, National Bureau of Economic Research, Inc
57. Non-Trivial Equilibrium in an Economy With Stochastic Rationing
    NBER Working Papers, National Bureau of Economic Research, Inc View citations

Journal Articles

2007

1. Increasing Returns, Learning, and Beneficial Tax Competition
   Journal of Public Economic Theory, 2007, 9, (6), 927-958
   See Also Working Paper (2005)
2. POLICY INTERACTION, LEARNING, AND THE FISCAL THEORY OF PRICES
   Macroeconomic Dynamics, 2007, 11, (05), 665-690
   See Also Working Paper (2007)
3. Stable Sunspot Equilibria in a Cash-in-Advance Economy
   Advances in Macroeconomics, 2007, 7, (1), 1165-1165 View citations
   See Also Working Paper (2005)
4. The E-Correspondence Principle
   Economica, 2007, 74, (293), 33-50
   See Also Working Paper (2005)

2006

5. Are hyperinflation paths learnable?
   Journal of Economic Dynamics and Control, 2006, 30, (12), 2725-2748 View citations
6. Learning Stability in Economies with Heterogeneous Agents
   Review of Economic Dynamics, 2006, 9, (2), 284-309 View citations
   See Also Working Paper (2004)
7. Monetary Policy, Expectations and Commitment
   Scandinavian Journal of Economics, 2006, 108, (1), 15-38 View citations
   See Also Working Paper (2005)

2005

8. AN INTERVIEW WITH THOMAS J. SARGENT
   Macroeconomic Dynamics, 2005, 9, (04), 561-583 View citations
   See Also Working Paper (2005)
9. Performance of inflation targeting based on constant interest rate projections
   Journal of Economic Dynamics and Control, 2005, 29, (11), 1867-1892 View citations
   See Also Working Paper (2004)
10. Performance of monetary policy with internal central bank forecasting
    Journal of Economic Dynamics and Control, 2005, 29, (4), 627-658 View citations
    See Also Working Paper (2004)
11. Policy Interaction, Expectations and the Liquidity Trap
    Review of Economic Dynamics, 2005, 8, (2), 303-323 View citations
    See Also Working Paper (2004)

2004

12. Are non-fundamental equilibria learnable in models of monetary policy?
    Journal of Monetary Economics, 2004, 51, (8), 1743-1770 View citations
    See Also Working Paper (2004)

2003

13. Adaptive learning and monetary policy design
    Proceedings, 2003, 1045-1084 View citations
    See Also Working Paper (2004)
14. Existence of adaptively stable sunspot equilibria near an indeterminate steady state
    Journal of Economic Theory, 2003, 111, (1), 125-134 View citations
    See Also Working Paper (2002)
15. Expectational stability of stationary sunspot equilibria in a forward-looking linear model
    Journal of Economic Dynamics and Control, 2003, 28, (1), 171-181 View citations
    See Also Working Paper (2002)
16. Expectations and the Stability Problem for Optimal Monetary Policies
    Review of Economic Studies, 2003, 70, (4), 807-824 View citations
    See Also Working Paper (2001)
17. Friedman's Money Supply Rule vs. Optimal Interest Rate Policy
    Scottish Journal of Political Economy, 2003, 50, (5), 550-566
    See Also Working Paper (2004)
18. Learning with bounded memory in stochastic models
    Journal of Economic Dynamics and Control, 2003, 27, (8), 1437-1457 View citations
    See Also Working Paper (1999)

2002

19. Complementarity, growth, and trade
    Canadian Journal of Economics, 2002, 35, (3), 495-516 View citations
    See Also Working Paper (1999)

2000

20. exposita notes: Convergence for difference equations with vanishing time-dependence, with applications to adaptive learning
    Economic Theory, 2000, 15, (3), 717-725 View citations

1999

21. The economic crisis of the 1990s in Finland
    Economic Policy, 1999, 14, (29), 399-436 View citations

1998

22. Comment on E. Dierker and B. Grodal, "Modelling Policy Issues in a World of Imperfect Competition."
    Scandinavian Journal of Economics, 1998, 100, (1), 184-86
23. Convergence of learning algorithms without a projection facility
    Journal of Mathematical Economics, 1998, 30, (1), 59-86 View citations
    See Also Working Paper (1996)
24. Economic Dynamics with Learning: New Stability Results
    Review of Economic Studies, 1998, 65, (1), 23-44 View citations
    See Also Working Paper (1996)
25. Growth Cycles
    American Economic Review, 1998, 88, (3), 495-515 View citations
    See Also Working Paper (1996)
26. Stochastic gradient learning in the cobweb model
    Economics Letters, 1998, 61, (3), 333-337 View citations
    See Also Working Paper (1998)

1996

27. Least squares learning with heterogeneous expectations
    Economics Letters, 1996, 53, (2), 197-201 View citations

1995

28. Bounded rationality in macroeconomics A review essay
    Journal of Monetary Economics, 1995, 35, (3), 509-518
29. Local Convergence of Recursive Learning to Steady States and Cycles in Stochastic Nonlinear Models
    Econometrica, 1995, 63, (1), 195-206 View citations

1994

30. A monopoly-union model of wage determination with capital and taxes: An empirical application to the Finnish manufacturing
    European Economic Review, 1994, 38, (2), 285-303 View citations
31. Convergence of least squares learning to a non-stationary equilibrium
    Economics Letters, 1994, 46, (2), 131-136 View citations
32. Learning, convergence, and stability with multiple rational expectations equilibria
    European Economic Review, 1994, 38, (5), 1071-1098 View citations
33. On the Local Stability of Sunspot Equilibria under Adaptive Learning Rules
    Journal of Economic Theory, 1994, 64, (1), 142-161 View citations
34. Report of the IEA Committee on a new School of Economics and Economic Development (SEED) in the Third World
    Journal of Public Economics, 1994, 55, (1), 1-18

1993

35. Adaptive forecasts, hysteresis, and endogenous fluctuations
    Economic Review, 1993, 3-13 View citations
36. Adaptive learning and bounded rationality: An introduction to basic concepts
    European Economic Review, 1993, 37, (2-3), 587-594 View citations
37. Learning and economic fluctuations: Using fiscal policy to steer expectations
    European Economic Review, 1993, 37, (2-3), 595-602
38. On the preservation of deterministic cycles when some agents perceive them to be random fluctuations
    Journal of Economic Dynamics and Control, 1993, 17, (5-6), 705-721 View citations

1992

39. On the Robustness of Bubbles in Linear RE Models
    International Economic Review, 1992, 33, (1), 1-14 View citations

1990

40. On Government Deficits and Speculation
    International Economic Review, 1990, 31, (3), 597-617
41. The Macroeconomic Tradeoffs of Price and Income Policies: Comment
    Scandinavian Journal of Economics, 1990, 92, (2), 345-47

1989

42. Keynesian Issues and Economic Theory: Comment
    Scandinavian Journal of Economics, 1989, 91, (2), 295-99
43. Whither Macroeconomics? Editor's Introduction
    Scandinavian Journal of Economics, 1989, 91, (2), 209-21

1987

44. On Continuity of Compensated Demand
    International Economic Review, 1987, 28, (3), 545-57

1986

45. A Complete Characterization of ARMA Solutions to Linear Rational Expectations Models
    Review of Economic Studies, 1986, 53, (2), 227-39 View citations
46. Intergenerational Aspects of Public Transfers, Borrowing and Debt: Comment
    Scandinavian Journal of Economics, 1986, 88, (1), 269-72

1985

47. Adjustment Costs, Optimal Capacity Utilization, and the Corporation Tax
    Oxford Economic Papers, 1985, 37, (3), 486-99
48. Expectations and the theory of macroeconomic policy: Some recent developments
    European Journal of Political Economy, 1985, 1, (4), 467-483
49. On Macroeconomic Equilibrium with Stochastic Rationing
    Scandinavian Journal of Economics, 1985, 87, (1), 66-88 View citations

1984

50. On the design of bilateral contracts
    European Economic Review, 1984, 26, (1-2), 55-71

1983

51. Bilateral contracts
    Journal of Mathematical Economics, 1983, 11, (2), 171-187
    See Also Working Paper (1981)
52. Stability with regime switching
    Journal of Economic Theory, 1983, 29, (1), 22-48 View citations
53. Variance-minimizing monetary policies with lagged price adjustment and rational expectations
    European Economic Review, 1983, 20, (1-3), 123-141

1982

54. Disequilibrium dynamics with monetarist price expectations
    Economics Letters, 1982, 9, (1), 69-75

1980

55. A note on monopolistic quantity rationing
    Economics Letters, 1980, 6, (3), 203-209
56. Inventory Dynamics in a Simple Disequilibrium Macroeconomic Model
    Scandinavian Journal of Economics, 1980, 82, (2), 184-98
57. The Employment Multiplier after Disequilibrium Dynamics
    Scandinavian Journal of Economics, 1980, 82, (1), 1-14 View citations

1979

58. Monetary non-neutrality with anticipatory price setting and rational expectations
    Economics Letters, 1979, 4, (1), 23-27

1978

59. A reexamination of the store of value in a sequence economy with transaction costs
    Journal of Economic Theory, 1978, 18, (2), 278-293
60. On the Efficiency of a Competitive Monetary Equilibrium with Transaction Costs
    Review of Economic Studies, 1978, 45, (3), 405-15

1977

61. Money and the core in a sequence economy with transaction costs
    European Economic Review, 1977, 10, (2), 241-251

Chapters

1999

1. Learning dynamics
   Chapter 07 in Handbook of Macroeconomics, 1999, vol. 1, Part A, pp 449-542 View citations