dc.contributor.author | EVANS, George W. | |
dc.contributor.author | HONKAPOHJA, Seppo M. S. | |
dc.contributor.author | MARIMON, Ramon | |
dc.date.accessioned | 2011-05-09T15:11:42Z | |
dc.date.available | 2011-05-09T15:11:42Z | |
dc.date.issued | 2001 | |
dc.identifier.citation | Macroeconomic Dynamics, 2001, 5, 1, 1-31 | |
dc.identifier.issn | 1365-1005 | |
dc.identifier.uri | https://hdl.handle.net/1814/16976 | |
dc.description.abstract | Inflation and the monetary financing of deficits are analyzed in a model in which the deficit is constrained to be less than a given fraction of a measure of aggregate market activity. Depending on parameter values, the model can have multiple steady states. Under adaptive learning with heterogeneous learning rules, there is convergence to a subset of these steady states. In some cases, a high-inflation constrained steady state will emerge. However, with a sufficiently tight fiscal constraint, the low-inflation steady state is globally stable. We provide experimental evidence in support of our theoretical results. | |
dc.title | Convergence in Monetary Inflation Models with Heterogeneous Learning Rules | |
dc.type | Article | |
dc.identifier.doi | 10.1017/S1365100501018016 | |
dc.neeo.contributor | EVANS|George W.|aut| | |
dc.neeo.contributor | HONKAPOHJA|Seppo M.|aut| | |
dc.neeo.contributor | MARIMON|Ramon|aut|EUI70009 | |
dc.identifier.volume | 5 | |
dc.identifier.startpage | 1 | |
dc.identifier.endpage | 31 | |
eui.subscribe.skip | true | |
dc.identifier.issue | 1 | |