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  • If private sector agents update their beliefs with a learning algorithm other than recursive least squares, expectational stability or learnability of rational expectations equilibria (REE) is not guaranteed. Monetary policy under commitment, with a determinate and E-stable REE, may not imply robust learning stability of such equilibria if the RLS speed of convergence is slow. In this paper, we propose a refinement of E-stability conditions that allows us to select equilibria more robust to specification of the learning algorithm within the RLS/SG/GSG class. E-stable equilibria characterized by faster speed of convergence under RLS learning are learnable with SG or generalized SG algorithms as well.
  • If private sector agents update their beliefs with a learning algorithm other than recursive least squares, expectational stability or learnability of rational expectations equilibria (REE) is not guaranteed. Monetary policy under commitment, with a determinate and E-stable REE, may not imply robust learning stability of such equilibria if the RLS speed of convergence is slow. In this paper, we propose a refinement of E-stability conditions that allows us to select equilibria more robust to specification of the learning algorithm within the RLS/SG/GSG class. E-stable equilibria characterized by faster speed of convergence under RLS learning are learnable with SG or generalized SG algorithms as well. (en)
Title
  • Learnability of e–stable equilibria
  • Learnability of e–stable equilibria (en)
skos:prefLabel
  • Learnability of e–stable equilibria
  • Learnability of e–stable equilibria (en)
skos:notation
  • RIV/00216208:11640/14:00439526!RIV15-MSM-11640___
http://linked.open...avai/riv/aktivita
http://linked.open...avai/riv/aktivity
  • I
http://linked.open...iv/cisloPeriodika
  • 5
http://linked.open...vai/riv/dodaniDat
http://linked.open...aciTvurceVysledku
http://linked.open.../riv/druhVysledku
http://linked.open...iv/duvernostUdaju
http://linked.open...titaPredkladatele
http://linked.open...dnocenehoVysledku
  • 25833
http://linked.open...ai/riv/idVysledku
  • RIV/00216208:11640/14:00439526
http://linked.open...riv/jazykVysledku
http://linked.open.../riv/klicovaSlova
  • adaptive learning; expectational stability; stochastic gradient (en)
http://linked.open.../riv/klicoveSlovo
http://linked.open...odStatuVydavatele
  • GB - Spojené království Velké Británie a Severního Irska
http://linked.open...ontrolniKodProRIV
  • [302D4BC008DB]
http://linked.open...i/riv/nazevZdroje
  • Macroeconomic Dynamics
http://linked.open...in/vavai/riv/obor
http://linked.open...ichTvurcuVysledku
http://linked.open...cetTvurcuVysledku
http://linked.open...UplatneniVysledku
http://linked.open...v/svazekPeriodika
  • 18
http://linked.open...iv/tvurceVysledku
  • Slobodyan, Sergey
  • Christev, A.
http://linked.open...ain/vavai/riv/wos
  • 000343762000001
issn
  • 1365-1005
number of pages
http://bibframe.org/vocab/doi
  • 10.1017/S1365100512000703
http://localhost/t...ganizacniJednotka
  • 11640
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