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| Author: | Adam, K. |
| Title: | Learning and equilibrium selection in a monetary overlapping generations model with sticky prices |
| Journal: | Review of Economic Studies
2003 : VOL. 70:4(245), p. 887-907 |
| Index terms: | Monetary economics Economic theory Econometric models Money markets |
| Language: | eng |
| Abstract: | The authors study adaptive learning in a monetary overlapping generatioins model with stick prices and monopolistic competition for the case where learning agents observe current endogenous variables. Adaptive learning then robustly selects the determinate steady state independent from a degree of imperfect competition. The indeterminate (non-monetary) steady state and non-stationary equilibria are never stable. |
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