Adaptive learning in models with lagged variables

Wilfredo Leiva
Authors registered in the RePEc Author Service: Wilfredo Leiva Maldonado ()

Economics Working Papers from Department of Economics and Business, Universitat Pompeu Fabra

Abstract: In this work I study the stability of the dynamics generated by adaptive learning processes in intertemporal economies with lagged variables. I prove that determinacy of the steady state is a necessary condition for the convergence of the learning dynamics and I show that the reciprocal is not true characterizing the economies where convergence holds. In the case of existence of cycles I show that there is not, in general, a relationship between determinacy and convergence of the learning process to the cycle. I also analyze the expectational stability of these equilibria.

Keywords: Intertemporal equilibrium; models with lagged variables; adaptive learning processes; expectational stability (search for similar items in EconPapers)
JEL-codes: C62 E37 (search for similar items in EconPapers)
Date: 1999-10
New Economics Papers: this item is included in nep-evo
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