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Learning in Macroeconomics
An Empirical Approach

dc.contributor.advisorvon Hagen, Jürgen
dc.contributor.authorJunker, Simon
dc.date.accessioned2020-04-13T19:40:58Z
dc.date.available2020-04-13T19:40:58Z
dc.date.issued23.04.2009
dc.identifier.urihttps://hdl.handle.net/20.500.11811/3998
dc.description.abstractThis thesis explores the role of adaptive learning in explaining empirical phenomena such as the Great Inflation. We show that the historic monetary policy deviated from the optimally recommended policy under learning. These deviations are caused by Brainard-type uncertainty which induces a conservative policy stance. Accounting for both imperfect knowledge and estimation uncertainty, the optimal policy under adaptive learning is consistent with historic policy behavior. However, we show that an optimizing but informationally constrained policy maker would most likely have experienced a Great Inflation like episode. Furthermore, we develop an estimation method to implement the adaptive learning hypothesis into DSGE modelling, thus extending the standard estimation toolbox.
dc.language.isoeng
dc.rightsIn Copyright
dc.rights.urihttp://rightsstatements.org/vocab/InC/1.0/
dc.subjectAdaptives Lernen
dc.subjectErwartungsbildung
dc.subjectDSGE-Schätzung
dc.subjectOptimale Geldpolitik
dc.subjectUnvollständige Information
dc.subjectNeu-Keynesianische Modelle
dc.subjectGroße Inflation
dc.subjectAdaptive learning
dc.subjectexpectations formation
dc.subjectDSGE estimation
dc.subjectoptimal monetary policy
dc.subjectimperfect information
dc.subjectNew Keynesian models
dc.subjectGreat Inflation
dc.subject.ddc330 Wirtschaft
dc.titleLearning in Macroeconomics
dc.title.alternativeAn Empirical Approach
dc.typeDissertation oder Habilitation
dc.publisher.nameUniversitäts- und Landesbibliothek Bonn
dc.publisher.locationBonn
dc.rights.accessRightsopenAccess
dc.identifier.urnhttps://nbn-resolving.org/urn:nbn:de:hbz:5-17222
ulbbn.pubtypeErstveröffentlichung
ulbbnediss.affiliation.nameRheinische Friedrich-Wilhelms-Universität Bonn
ulbbnediss.affiliation.locationBonn
ulbbnediss.thesis.levelDissertation
ulbbnediss.dissID1722
ulbbnediss.date.accepted06.04.2009
ulbbnediss.fakultaetRechts- und Staatswissenschaftliche Fakultät
dc.contributor.coRefereeLinnemann, Ludger


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