Browsing by Subject "Information and uncertainty"

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Adaptive Expectations, Underparameterization and the Lucas Critique

Evans, George W., 1949-; Ramey, Garey (University of Oregon, Dept. of Economics, 2001-11-29)

A striking implication of the replacement of adaptive expectations by Rational Expectations was the "Lucas Critique," which showed that expectation parameters, and endogenous variable dynamics, depend on policy parameters. ...
Are Stationary Hyperinflation Paths Learnable?

Adam, Klaus; Evans, George W., 1949-; Honkapohja, Seppo, 1951- (University of Oregon, Dept of Economics, 2003-03-17)

Earlier studies of the seigniorage inflation model have found that the high-inflation steady state is not stable under adaptive learning. We reconsider this issue and analyze the full set of solutions for the linearized ...
Consumer and competitor reactions: Evidence from a retail-gasoline field experiment

Barron, John M.; Umbeck, John R., 1945-; Waddell, Glen R. (University of Oregon, Dept of Economics, 2003-09)

The standard differentiated-product model with Nash-equilibrium price setting suggests that the density of sellers in a market can affect both a seller’s price elasticity of demand and a competitor’s reaction to a price ...
Costly Intermediation and the Poverty of Nations

Chakraborty, Shankha; Lahiri, Amartya (University of Oregon, Dept. of Economics, 2003-01-01)

Distortions in private investment due to credit frictions, and in public investment due to corruption and bureaucratic inefficiencies, have both been suggested as important factors in accounting for the cross-country per ...
Expectations and the Stability Problem for Optimal Monetary Policies

Evans, George W., 1949-; Honkapohja, Seppo, 1951- (University of Oregon, Dept. of Economics, 2001-08-03)

A fundamentals based monetary policy rule, which would be the optimal monetary policy without commitment when private agents have perfectly rational expectations, is unstable if in fact these agents follow standard adaptive ...
Monetary policy, indeterminacy and learning

Evans, George W., 1949-; McGough, Bruce (University of Oregon, Dept. of Economics, 2003-10-11)

The development of tractable forward looking models of monetary policy has lead to an explosion of research on the implications of adopting Taylor-type interest rate rules. Indeterminacies have been found to arise for some ...