Expectations and Learning under Alternative Monetary Regimes: An Experimental Approach

Ramon Marimon and Shyam Sunder

Economic Theory, 1994, vol. 4, issue 1, 62 pages

Abstract: We design and analyze experimental versions of monetary overlapping generations economies under alternative policy regimes. Economies with a constant level of real deficit financed through seigniorage, economies in which the level of deficit is adapted in order to follow a monetary policy with a target rate of inflation, and economies with preannounced changes in deficit levels are reported here. We also examine the behavior of an economy with no stationary competitive equilibrium. Our time series are compared to rational expectations equilibrium paths and to adaptive learning dynamics.

Date: 1994
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Working Paper: Expectations and Learning under Alternative Monetary Regimes: An Experimental Approach (1993)
Working Paper: Expectations and learning under alternative monetary regimes: An experimental approach (1993)
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