Learning and expectations in macroeconomics

By George W. Evans, Seppo Honkapohja. 2001

2,093 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/23983dfef4231c3289a5201b0dbc63b525d3f8d8

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Citations in the corpus

Imperfect Macroeconomic Expectations: Evidence and Theory (2020, background): “…2010); non-rational belief contagion (e.g., Burnside, Eichenbaum, and Rebelo, 2016; Carroll, 2001); robustness and ambiguity (e.g., Ilut and Schneider, 2014; Bhandari, Borovička, and Ho, 2019); and adaptive expectations (e.g., Eusepi and Preston, 2011; Evans and Honkapohja, 2012; Sargent, 2001).”
Disagreement and Biases in Inflation Expectations (2006, neutral): “…our analysis, some forecasters have negative biases while others have positive biases in their forecasts, so it may be difficult to detect biases in the mean or median forecast.23 Another possible explanation of our findings is agents’ learning, see Evans and Honkapohja (2001) for a recent survey.”
THE T HEORY O F R ATIONALLY H ETEROGENEOUS EXPECTATIONS: E VIDENCE F ROM S URVEY D ATA ON I NFLATION E XPECTATIONS* (2004, background): “One widely cited explanation for this result is that agents lack the requisite sophistication to form expectations rationally (Evans and Honkapohja, 2001).”
Stable sunspot solutions in models with predetermined variables (2005, methodology): “A different class of sunspot solutions, taking an autoregressive-moving average (ARMA) form, has also been discussed in the literature, e.g. (McCallum 1983), (Farmer 1999), and Part III of (Evans and Honkapohja 2001).”
Evolutionary dynamics in markets with many trader types (2005, background): “The parameter 7 in (27) is called the intensity of choice; it controls the sensitivity of the mass of traders to selecting the optimal prediction strategy.”
Agent-based computational economics : A constructive approach to economic theory (2006, background): “See Arifovic (2000) and Evans and Honkapohja (2001) for surveys of some of this work.”
Minimal State Variable Solutions to Markov-switching Rational Expectations Models (2011, positive): “Our definition is consistent with standard usage, for example, Evans and Honkapohja define a minimal state variable solution of a linear difference equation to be one which “depends linearly on a set of variables...such that there does not exist a solution which depends linearly on a smaller set of ”
Regime switches, Agents’ Beliefs, and Post-World War II U.S. Macroeconomic Dynamics (2013, positive): “The authors argue that MSV solution is likely to be the most interesting class to study given that it is often stable under real time learning (Evans and Honkapohja (2001), McCallum (2003)).”
Trend Inflation, Indexation, and Inflation Persistence in the New Keynesian Phillips Curve (2008, methodology): “Then we transform (25) to express it in terms of the stationary variables defined in the text:”
Heterogeneous Agent Models in Economics and Finance, In: Handbook of Computational Economics II: Agent-Based Computational Economics, edited by Leigh Tesfatsion and Ken Judd, Elsevier, Amsterdam 2006, pp.1109-1186 (2005, background): “…equilibrium or it may converge to an “approximate rational expectations equilibrium”, where there is at least some degree of consistency between expectations and realizations (see Evans and Honkapohja (2001) for an extensive and modern treatment of adaptive learning in macroeco- 3 nomics).”
Liquidity traps, learning and stagnation ☆ (2008, background): “Commitment to an optimal policy rule can readily be handled within an adaptive learning approach, as discussed by Evans and Honkapohja (2003) and Evans and Honkapohja (2006) for monetary policy in normal times.”
Sticky information and model uncertainty in survey data on inflation expectations (2007, background): “We assume agents engage in real-time learning by recursively updating their prior parameter estimates.(19) In VAR’s with time-varying parameters and limited samples, recursive estimation is desirable.”
LEARNING IN COBWEB EXPERIMENTS (2007, background): “Recent surveys on bounded rationality in expectation formation include Sargent (1993, 1999), Evans and Honkapohja (1999, 2001) and Marimon (1997).”
Escaping Nash Inflation (2000, methodology): “We want to study the behavior of system formed by ( We find the first important component of dynamics by adapting the stochastic approximation methods used by Woodford (1990), Marcet and Sargent (1989a), and Evans and Honkapohja (2000).”