On the Power of Direct Tests for Rational Expectations Against the Alternative of Constant Gain Learning

• Autorzy: Victor Bystrov , Anna Staszewska-Bystrova
• Języki publikacji: EN

Abstrakty

EN

In this paper we study the power of direct tests for rational expectations against the constant gain learning alternative. The investigation is by means of a Monte Carlo study. The tests considered use quantitative expectations data and qualitative survey data that has been quantified. The main finding is that the power of tests for rational expectations against constant gain learning may be very small, making it impossible to distinguish the hypotheses. (original abstract)

Słowa kluczowe

EN

Rational expectations theory; Monte Carlo method; Macroeconomic analysis

PL

Teoria racjonalnych oczekiwań; Metoda Monte Carlo; Analiza makroekonomiczna

• Czasopismo: Bank i Kredyt
• Rocznik: 2010
• Numer: nr 6
• Strony: 71--83

Twórcy

autor

Victor Bystrov

• University of Lodz, Poland

autor

Anna Staszewska-Bystrova

• University of Lodz, Poland

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