Information-consistent learning and shifts in long-run productivity

Hamilton B. Fout and Neville R. Francis

Economics Letters, 2011, vol. 111, issue 1, 91-94

Abstract: Recent macroeconomic research has incorporated learning in an inconsistent manner by assuming agents learn with less information than they use in optimization. We present an information-consistent learning framework and illustrate the effects of violating information-consistency.

Keywords: Learning; Kalman; filter; Real; business; cycle; model; Technology; shocks (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:111:y:2011:i:1:p:91-94

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