Bullard, James Brian; Evans, George W.; Honkapohja, Seppo - 2009
fundamental equilibria.
Keywords: Learning, expectations, excess volatility, bounded rationality.
JEL Classifications: E520, E610 … one of recursive learning. This involves the
assignment of a well-chosen perceived law of motion, an econometric fore … past judgements do not provide useful
time series information.
2.2 Econometric forecasts
In the recursive learning …