Learning in Overlapping Generations Models

Jan Tuinstra

No 99-03, CeNDEF Working Papers from Universiteit van Amsterdam, Center for Nonlinear Dynamics in Economics and Finance

Abstract: We consider a standard two generations version of the overlapping generations model with different learning algorithms. Agents predict inflation rates on the basis of some mis-specified (linear) perceived law of motion, which is estimated by running a regression on past prices or inflation rates. Beleifs might converge, although inflation rates keep on fluctuating. These fluctuations are, in some sense, consistent with the (mis-specified) limit belief.

Date: 1999
New Economics Papers: this item is included in nep-evo and nep-mac
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Persistent link: https://EconPapers.repec.org/RePEc:ams:ndfwpp:99-03

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