کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5098266 1478686 2015 17 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Learnability of an equilibrium with private information
ترجمه فارسی عنوان
یادگیری تعادل با اطلاعات خصوصی
موضوعات مرتبط
مهندسی و علوم پایه ریاضیات کنترل و بهینه سازی
چکیده انگلیسی
This paper investigates the learnability of an equilibrium with private information. Agents of each type have their own private information about an exogenous variable and conduct adaptive learning with a heterogeneously misspecified perceived laws of motion (PLM) that includes only this variable. The paper shows that the existence of private information has a nonnegative impact on the learnability of the equilibrium; that is, the condition for learnability is unaffected or relaxed by heterogeneity and/or misspecification in PLMs caused by private information. In a New Keynesian model with private information about fundamental shocks, the learnability of the equilibrium is ensured by the Taylor principle of monetary policy. The paper also confirms that these results hold true not only in the presence of private information, but also in a variety of informational structures.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Dynamics and Control - Volume 59, October 2015, Pages 58-74
نویسندگان
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