9783540542872 - are policy variables exogenous?: the econometric implications of learning while maximizing: 364 di horvath, balazs (10 risultati)
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Condizione: New. pp. 180.
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Lingua: Inglese
Editore: Springer, Springer, 1991
Serie: Libro 71 di 126 - Lecture Notes in Economics and Mathematical Systems
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Taschenbuch. Condizione: Neu. Druck auf Anfrage Neuware - Printed after ordering - 1. 1 Motivation and Definition of Topic To provide motivation and to help define the topic of this study, important links between specific areas of economic theory are first highlighted. (i) Learning and Rational Expectations Theory In a standard…rational expectations setting, agents in equilibrium have all the information about the model that enables them to correctly forecast future payoff-relevant variables. What rational expectations theory in its standard form does not tell us is what happens outside a rational expectations equilibrium. Less than complete knowledge of the model is a possible way to represent a situation outside the rational expectations equilibrium. It is natural to assume that agents recognize error and optimally utilize all available external information to improve on their information level, i. e. learn. Based on the information acquired by learning they modify their behavior. Under certain conditions learning steers the economy to the rational expectations equilibrium (Spear (1989), Blume, Bray and Easley (1982), Townsend (1983'. This literature shows that learning is a possible mechanism to acquire the necessary level of information that agents are assumed to possess in a rational expectations equilibrium and hence there is a clear link between rational expectations theory and the 2 theory of learning. This fact is also emphasized among others by Friedman (1975), Pesaran (1987) and DeCanio (1979). (ii) Rational Expectations and Econometrics The equilibrium consequences of the rational expectations hypothesis are discussed in a considerable body of literature - cf.
Lingua: Inglese
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Taschenbuch. Condizione: Neu. This item is printed on demand - it takes 3-4 days longer - Neuware -1. 1 Motivation and Definition of Topic To provide motivation and to help define the topic of this study, important links between specific areas of economic theory are first highlighted. (i) Learning and Rational Expectations Theor…y In a standard rational expectations setting, agents in equilibrium have all the information about the model that enables them to correctly forecast future payoff-relevant variables. What rational expectations theory in its standard form does not tell us is what happens outside a rational expectations equilibrium. Less than complete knowledge of the model is a possible way to represent a situation outside the rational expectations equilibrium. It is natural to assume that agents recognize error and optimally utilize all available external information to improve on their information level, i. e. learn. Based on the information acquired by learning they modify their behavior. Under certain conditions learning steers the economy to the rational expectations equilibrium (Spear (1989), Blume, Bray and Easley (1982), Townsend (1983'. This literature shows that learning is a possible mechanism to acquire the necessary level of information that agents are assumed to possess in a rational expectations equilibrium and hence there is a clear link between rational expectations theory and the 2 theory of learning. This fact is also emphasized among others by Friedman (1975), Pesaran (1987) and DeCanio (1979). (ii) Rational Expectations and Econometrics The equilibrium consequences of the rational expectations hypothesis are discussed in a considerable body of literature - cf. 180 pp. Englisch.
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Condizione: New. Print on Demand pp. 180 49:B&W 6.14 x 9.21 in or 234 x 156 mm (Royal 8vo) Perfect Bound on White w/Gloss Lam.
Lingua: Inglese
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Serie: Libro 71 di 126 - Lecture Notes in Economics and Mathematical Systems
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Condizione: New. PRINT ON DEMAND pp. 180.
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Taschenbuch. Condizione: Neu. This item is printed on demand - Print on Demand Titel. Neuware -This book demonstrates that Bayesian learning by rational policymakers affects the exogeneity status of policy variables in econometric models by creating an intertemporal informational feedback. This phenomenon is empirically detectab…le using exogeneity tests. This makes the book relevant for empirical, as well as theoretical econometricians.Springer-Verlag KG, Sachsenplatz 4-6, 1201 Wien 180 pp. Englisch.
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Taschenbuch. Condizione: Neu. Are Policy Variables Exogenous? | The Econometric Implications of Learning while Maximizing | Balazs Horvath | Taschenbuch | Lecture Notes in Economics and Mathematical Systems | xii | Englisch | 1991 | Springer | EAN 9783540542872 | Verantwortliche Person für die EU: Springer Verlag GmbH, Tiergarte…nstr. 17, 69121 Heidelberg, juergen[dot]hartmann[at]springer[dot]com | Anbieter: preigu Print on Demand.
