On learning equilibria
研究在通货膨胀的世代交叠模型中，家庭使用不同估计方法预测通胀率时，货币稳态的稳定性及内生经济周期的出现条件。
Bullard (1994) and Schönhofer (1999) show that endogenous business cycles may emerge in an inflationary overlapping generations model where households predict future inflation rates by running a least squares regression on prices. We show that given the same beliefs but under an alternative, more natural, estimation procedure based upon inflation rates the monetary steady state will be globally stable for a large set of savings functions. We also study an evolutionary competition between the two estimation procedures. Although the dynamics are stabilized for a large set of parameter values, endogenous business cycles may still emerge in this heterogeneous beliefs framework.