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Thesis

Rational macroeconomic learning in linear expectational models: an analysis of the convergence properties of macroeconomic models under partial information rational expectations and Bayesian learning

Abstract:
The partial information rational expectations solution to a general linear multivariate expectational macro-model is found when agents are uncertain about the true values of the model's parameters. Necessary and sufficient conditions for convergence to the full information rational expectations solutions are given, and the core of an algorithm for the Bayesian updating of beliefs is provided. In the course of this a new class of full information rational expectations equilibria is described and some of its desirable properties proven.

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Institution:
University of Oxford
Division:
SSD
Department:
Economics
Oxford college:
Balliol College
Role:
Author

Contributors

Division:
SSD
Department:
Economics
Role:
Supervisor
Division:
SSD
Department:
Economics
Role:
Supervisor
Publication date:
2008
Type of award:
MPhil
Level of award:
Masters
Awarding institution:
Oxford University, UK
Language:
English
Keywords:
Subjects:
UUID:
uuid:249c30aa-1bb0-4096-8836-136995236ba9
Local pid:
ora:11532
Deposit date:
2015-05-29

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