About: Learning in a medium-scale DSGE model with expectations based on small forecasting models

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rdf:type	skos:Concept http://linked.opendata.cz/ontology/domain/vavai/Vysledek
Description	This paper evaluates the empirical performance of a medium-scale DSGE model with agents forming expectations using small forecasting models updated by the Kalman filter. The adaptive learning model fits the data better than the rational expectations (RE) model. Beliefs about the inflation persistence explain the observed decline in the mean and the volatility of inflation as well as Phillips curve flattening. Learning about inflation results in lower estimates for the persistence of the exogenous shocks that drive price and wage dynamics in the RE version of the model. Expectations based on small forecasting models are closely related to the survey evidence on inflation expectations. This paper evaluates the empirical performance of a medium-scale DSGE model with agents forming expectations using small forecasting models updated by the Kalman filter. The adaptive learning model fits the data better than the rational expectations (RE) model. Beliefs about the inflation persistence explain the observed decline in the mean and the volatility of inflation as well as Phillips curve flattening. Learning about inflation results in lower estimates for the persistence of the exogenous shocks that drive price and wage dynamics in the RE version of the model. Expectations based on small forecasting models are closely related to the survey evidence on inflation expectations. (en)
Title	Learning in a medium-scale DSGE model with expectations based on small forecasting models Learning in a medium-scale DSGE model with expectations based on small forecasting models (en)
skos:prefLabel	Learning in a medium-scale DSGE model with expectations based on small forecasting models Learning in a medium-scale DSGE model with expectations based on small forecasting models (en)
skos:notation	RIV/00216208:11640/12:00376792!RIV13-GA0-11640___
http://linked.open...avai/predkladatel	Centrum pro ekonomický výzkum a doktorská studia
http://linked.open...avai/riv/aktivita	I P
http://linked.open...avai/riv/aktivity	I, P(GCP402/11/J018)
http://linked.open...iv/cisloPeriodika	2
http://linked.open...vai/riv/dodaniDat	2013
http://linked.open...aciTvurceVysledku	Slobodyan, Sergey
http://linked.open.../riv/druhVysledku	J - Článek v odborném periodiku
http://linked.open...iv/duvernostUdaju	S - Úplné a pravdivé údaje nepodléhající ochraně podle zvláštních právních předpisů
http://linked.open...titaPredkladatele	Univerzita Karlova v Praze / Centrum pro ekonomický výzkum a doktorská studia
http://linked.open...dnocenehoVysledku	146643
http://linked.open...ai/riv/idVysledku	RIV/00216208:11640/12:00376792
http://linked.open...riv/jazykVysledku	eng - angličtina
http://linked.open.../riv/klicovaSlova	monetary-policy; inflation; convergence (en)
http://linked.open.../riv/klicoveSlovo	monetary-policy convergence inflation
http://linked.open...odStatuVydavatele	US - Spojené státy americké
http://linked.open...ontrolniKodProRIV	[D6F34ECAC254]
http://linked.open...i/riv/nazevZdroje	American Economic Journal: Macroeconomics
http://linked.open...in/vavai/riv/obor	AH
http://linked.open...ichTvurcuVysledku	1 (xsd:int)
http://linked.open...cetTvurcuVysledku	2 (xsd:int)
http://linked.open...vavai/riv/projekt	Comparative Approach to Macroeconomic Modeling and Policy Analysis: Introducing Adaptive Learning
http://linked.open...UplatneniVysledku	2012
http://linked.open...v/svazekPeriodika	4
http://linked.open...iv/tvurceVysledku	Slobodyan, Sergey Wouters, R.
http://linked.open...ain/vavai/riv/wos	000302552800003
issn	1945-7707
number of pages	37 (xsd:int)
http://bibframe.org/vocab/doi	10.1257/mac.4.2.65
http://localhost/t...ganizacniJednotka	11640
is http://linked.open...avai/riv/vysledek of	Learning in a medium-scale DSGE model with expectations based on small forecasting models

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