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Adaptive learning in models with lagged variables
Leiva, Wilfredo
Universitat Pompeu Fabra. Departament d'Economia i Empresa
In this work I study the stability of the dynamics generated by adaptivelearning processes in intertemporal economies with lagged variables. Iprove that determinacy of the steady state is a necessary condition for the convergence of the learning dynamics and I show that the reciprocal is not true characterizing the economies where convergence holds. In the case of existence of cycles I show that there is not, in general, a relationship between determinacy and convergence of the learning process to the cycle. I also analyze the expectational stability of these equilibria.
Statistics, Econometrics and Quantitative Methods
intertemporal equilibrium
models with lagged variables
adaptive learning processes
expectational stability
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