Are Stationary Hyperinflation Paths Learnable?

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dc.contributor.author Adam, Klaus
dc.contributor.author Evans, George W., 1949-
dc.contributor.author Honkapohja, Seppo, 1951-
dc.date.accessioned 2003-12-15T18:52:18Z
dc.date.available 2003-12-15T18:52:18Z
dc.date.issued 2003-03-17
dc.identifier.uri http://hdl.handle.net/1794/127
dc.description.abstract 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 model. Our main focus is on stationary hyperinflationary paths near the high-inflation steady state. The hyperinflationary paths are stable under learning if agents can utilize contemporaneous data. However, in an economy populated by a mixture of agents, some of whom only have access to lagged data, stable inflationary paths emerge only if the proportion of agents with access to contemporaneous data is sufficiently high. en
dc.format.extent 258,760 bytes
dc.format.mimetype application/pdf
dc.language.iso en_US
dc.publisher University of Oregon, Dept of Economics en
dc.relation.ispartofseries University of Oregon Economics Department Working Papers;2003-31
dc.subject Mathematical and quantitative methods en
dc.subject Mathematical methods and programming en
dc.subject Existence and stability conditions of equilibrium en
dc.subject Microeconomics en
dc.subject Expectations en
dc.subject Macroeconomics and monetary economics en
dc.subject Information and uncertainty en
dc.subject Speculations en
dc.subject Search, learning, and information en
dc.subject Prices, business fluctuations, and cycles en
dc.subject Price level en
dc.subject Inflation (Finance) en
dc.subject Deflation (Finance) en
dc.title Are Stationary Hyperinflation Paths Learnable? en
dc.type Working Paper en


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