G2TT
来源类型Discussion paper
规范类型论文
来源IDDP1875
DP1875 Recurrent Hyperinflations and Learning
Albert Marcet; Juan Pablo Nicolini
发表日期1998-05-31
出版年1998
语种英语
摘要This paper uses a model of boundedly rational learning to account for the observations of recurrent hyperinflations in the last decade. We study a standard monetary model, where the full rational expectations assumption is replaced by a formal definition of quasi-rational learning. The model under learning is able to match remarkably well some crucial stylized facts, observed during the recurrent hyperinflations experienced by several countries in the 1980s. We argue that, despite being a small departure from rational expectations, quasi-rational learning does not preclude falsifiability of the model and it does not violate reasonable rationality requirements.
主题International Macroeconomics
关键词Convertibility Hyperinflations Quasi-rationality Stabilization plans
URLhttps://cepr.org/publications/dp1875
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/531017
推荐引用方式
GB/T 7714
Albert Marcet,Juan Pablo Nicolini. DP1875 Recurrent Hyperinflations and Learning. 1998.
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