Coverart for item
The Resource Learning and expectations in macroeconomics, George W. Evans and Seppo Honkapohja

Learning and expectations in macroeconomics, George W. Evans and Seppo Honkapohja

Label
Learning and expectations in macroeconomics
Title
Learning and expectations in macroeconomics
Statement of responsibility
George W. Evans and Seppo Honkapohja
Creator
Contributor
Author
Subject
Language
eng
Summary
A crucial challenge for economists is figuring out how people interpret the world and form expectations that will likely influence their economic activity. Inflation, asset prices, exchange rates, investment, and consumption are just some of the economic variables that are largely explained by expectations. Here George Evans and Seppo Honkapohja bring new explanatory power to a variety of expectation formation models by focusing on the learning factor. Whereas the rational expectations paradigm offers the prevailing method to determining expectations, it assumes very theoretical knowledge on the part of economic actors. Evans and Honkapohja contribute to a growing body of research positing that households and firms learn by making forecasts using observed data, updating their forecast rules over time in response to errors. This book is the first systematic development of the new statistical learning approach. Depending on the particular economic structure, the economy may converge to a standard rational-expectations or a "rational bubble" solution, or exhibit persistent learning dynamics. The learning approach also provides tools to assess the importance of new models with expectational indeterminacy, in which expectations are an independent cause of macroeconomic fluctuations. Moreover, learning dynamics provide a theory for the evolution of expectations and selection between alternative equilibria, with implications for business cycles, asset price volatility, and policy. This book provides an authoritative treatment of this emerging field, developing the analytical techniques in detail and using them to synthesize and extend existing research
Member of
Cataloging source
N$T
Illustrations
illustrations
Index
index present
Literary form
non fiction
Nature of contents
  • dictionaries
  • bibliography
Series statement
Frontiers of economic research
Learning and expectations in macroeconomics, George W. Evans and Seppo Honkapohja
Label
Learning and expectations in macroeconomics, George W. Evans and Seppo Honkapohja
Link
http://www.jstor.org/stable/10.2307/j.ctt7s6t9
Publication
Related Contributor
Related Location
Related Agents
Related Authorities
Related Subjects
Related Items
Bibliography note
Includes bibliographical references (pages 389-405) and indexes
Carrier category
online resource
Carrier category code
cr
Carrier MARC source
rdacarrier
Color
multicolored
Content category
text
Content type code
txt
Content type MARC source
rdacontent
Contents
pt. 1. View of the landscape -- pt. 2. Mathematical background and tools -- pt. 3. Learning in linear models -- pt. 4. Learning in nonlinear models -- pt. 5. Further topics
http://library.link/vocab/cover_art
https://contentcafe2.btol.com/ContentCafe/Jacket.aspx?Return=1&Type=S&Value=9781283379564&userID=ebsco-test&password=ebsco-test
Dimensions
unknown
http://library.link/vocab/discovery_link
{'f': 'http://opac.lib.rpi.edu/record=b4319915'}
Extent
1 online resource (xviii, 421 pages)
Form of item
online
Isbn
9781283379564
Media category
computer
Media MARC source
rdamedia
Media type code
c
Other physical details
illustrations.
Specific material designation
remote

Library Locations

    • Folsom LibraryBorrow it
      110 8th St, Troy, NY, 12180, US
      42.729766 -73.682577
Processing Feedback ...