Now showing items 4-5 of 5

    • Liquidity Traps, Learning and Stagnation 

      Evans, George W.; Guse, Eran A.; Honkapohja, Seppo (Faculty of Economics, 2007-06)
      We examine global economic dynamics under learning in a New Keynesian model in which the interest-rate rule is subject to the zero lower bound. Under normal monetary and fiscal policy, the intended steady state is locally ...
    • Near-Rational Exuberance 

      Bullard, James; Evans, George W.; Honkapohja, Seppo (Faculty of Economics, 2006-03-14)
      We study how the use of judgement or “add-factors” in macroeconomic forecasting may disturb the set of equilibrium outcomes when agents learn using recursive methods. We isolate conditions under which new phenomena, which ...