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Notes on Agents’ Behavioral Rules Under Adaptive Learning and Studies of Monetary Policy

Seppo Honkapohja (), Kaushik Mitra and George Evans ()

No 2011-04, SIRE Discussion Papers from Scottish Institute for Research in Economics (SIRE)

Abstract: These notes try to clarify some discussions on the formulation of individual intertemporal behavior under adaptive learning in representative agent models. First, we discuss two suggested approaches and related issues in the context of a simple consumption-saving model. Second, we show that the analysis of learning in the NewKeynesian monetary policy model based on Euler equations provides a consistent and valid approach.

Keywords: Euler equation; New Keynesian; Adaptive learning (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-mon
Date: 2011
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