Nonparametric adaptive learning with feedback

Article Abstract:

The use of nonparametric adaptive learning offers an alternative and efficient means of evaluating rational expectations equilibrium. The method allows one to derive well-behaved economic relationships from a given set of variables and generate plausible outcomes from these variables. By treating agents as a function of space, the method further provides a great degree of flexibility to theorists, while guaranteeing the accuracy of results.

Usage, Nonparametric statistics

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Expectation traps and discretion

Article Abstract:

Expectation traps in monetary policy are found to be avoidable through alternative institutional arrangements that impose limited forms of commitment on policymakers. Optimizing private agents and a non-committing but benevolent policymaker are modeled and are found to produce a sustainable set of equilibria. The resulting equilibria are inflationary policies because it is consistent with private agent expectations.

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Limits of markets and limits of governments: an introduction to a symposium on political economy

Article Abstract:

The allocation of resources by institutions, and the interplay between different institutions are examined in detail.

Economic aspects, Economic policy, Economic research, Institutional economics

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