Adaptive Learning as a Propagation Mechanism
Bruce Preston and
Stefano Eusepi ()
No 954, 2007 Meeting Papers from Society for Economic Dynamics
Finally, following Smith (1993), we estimate the model using indirect inference methods. The empirical implications of the model both under learning and rational expectations are explored. Furthermore, we test the relative importance of various model frictions and learning dynamics in capturing the volatility and persistence of observed macroeconomic data.
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