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✦   LIBER   ✦

On learning to forecast in an endogenous growth model with externalities

✍ Scribed by Jaime Alonso-Carrera

Publisher
Elsevier Science
Year
2001
Tongue
English
Weight
148 KB
Volume
25
Category
Article
ISSN
0165-1889

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✦ Synopsis

This paper investigates whether learning leads to &perfect foresight' in a growth model that might present local indeterminacy of perfect foresight equilibria. The paper asserts that, under some parametric conditions on technology and preferences, equilibria under the assumption of learning converge to a limit point that is di!erent from the one corresponding to perfect foresight equilibria. The paper also concludes that endogenous cycles may emerge in the economy with learning and in the economy with perfect foresight. However, the combination of parameters for which these #uctuations appear may di!er in each economy.

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