ISSN:
1432-0479
Keywords:
Adaptive learning
;
monetary policy
;
experimental economics
;
indeterminacy
;
rational expectations
;
C62
;
C92
;
E17
;
E32
;
E44
Source:
Springer Online Journal Archives 1860-2000
Topics:
Economics
Notes:
Summary We design and analyze experimental versions of monetary overlapping generations economies under alternative policy regimes. Economies with a constant level of real deficit financed through seignorage, economies in which the level of deficit is adapted in order to follow a monetary policy with a target rate of inflation, and economies with preannounced changes in deficit levels are reported here. We also examine the behavior of an economy with no stationary competitive equilibrium. Our time series are compared to rational expectations equilibrium paths and to adaptive learning dynamics.
Type of Medium:
Electronic Resource
URL:
http://dx.doi.org/10.1007/BF01211121
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