Learning to believe in nonrational expectations that support pareto-superior outcomes

Journal of Economics/ Zeitschrift fur Nationalokonomie

Volumn 65, Issue 3, 1997, Pages 235-256

  Maußner, Alfred ^a  

^a UNIVERSITY OF BAMBERG   (Germany)

Author keywords

Learning; New keynesian microfoundations; Rational expectations; Self referential systems

Indexed keywords

EID: 0031494914     PISSN: 09318658     EISSN: None     Source Type: Journal    
DOI: 10.1007/BF01226844     Document Type: Article

References (15)

1. Ball, L., and Romer, D. (1989): "Are Prices too Sticky?" Quarterly Journal of Economics 104: 507-524.
2. _ (1991): "Sticky Prices As Coordination Failure." American Economic Review 81: 539-552.
3. Benassy, J.-P. (1987): "The Objective Demand Curve in General Equilibrium with Price Makers." Working Paper no. 8719, Centre d'Études Prospectives d'Economie Mathématique Appliquées a la Planification (CEPREMAP), Paris.
4. _ (1993): "Imperfect Competition and the Suboptimality of Rational Expectations." European Economic Review 37: 1315-1330.
5. Blanchard, O. J., and Kiyotaki, N. (1987): "Monopolistic Competition and the Effects of Aggregate Demand." American Economic Review 77: 647-666.
6. Duffy, J. (1994): "On Learning and the Nonuniqueness of Equilibrium in an Overlapping Generations Model with Fiat Money." Journal of Economic Theory 64: 541-553.
7. Evans, G. W., and Honkapohja, S. (1994): "Learning, Convergence, and Stability with Multiple Rational Expectations Equilibria." European Economic Review 38: 1071-1098.
8. _ (1995): "Adaptive Learning and Expectational Stability: an Introduction." In Learning and Rationality in Economics, edited by A. Kirman and M. Salmon. Oxford: Basil Blackwell.
9. Hey, J.D. (1994): "Expectations Formation: Rational or Adaptive or . . .?" Journal of Economic Behavior and Organization 25: 329-349.
10. Killingsworth, M. R. (1983): Labor Supply. Cambridge: Cambridge University Press.
11. Marcel, A., and Sargent, T. J. (1989): "Convergence of Least Squares Learning Mechanisms in Self-Referential Linear Stochastic Models." Journal of Economic Theory 48: 337-368.
12. _ (1992): "The Convergence of Vector Autoregressions to Rational Expectations Equilibria." In Macroeconomics: a Survey of Research Strategies, edited by A. Vercelli and N. Dimitri. Oxford: Oxford University Press.
13. Negishi, T. (1961): "Monopolistic Competition and General Equilibrium." Review of Economic Studies 28: 196-201.
14. Rampa, G. (1989): "Conjectures, Learning, and Equilibria in Monopolistic Competition." Journal of Economics / Zeitschrift für Nationalökonomie 49: 139-163.
15. Rotemberg, J. J. (1987): "The New Keynesian Microfoundations." NBER Macroeconomics Annual 2: 69-104.