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Three Essays on Adaptive Learning in Monetary Economics

Karaman, Suleyman Cem (2007) Three Essays on Adaptive Learning in Monetary Economics. Doctoral Dissertation, University of Pittsburgh. (Unpublished)

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Adaptive learning is important in dynamic models since it is a process that shows the improvement in the understanding of the agents of the model. Whenever there is a dynamic environment, there is a room for improvement through learning. In this thesis I analyze the adaptive learning of the agents in different setups. In my first paper I show that adaptive learning does not eliminate the multiplicity of stationary equilibria in the Diamond overlapping generations model with money and productive capital; both dynamically efficient and inefficient equilibria are found to be stable under adaptive learning. In my second paper I show that the two agents of a natural-rate model, with different beliefs, learn the economy which leads to convergence or endogenous fluctuations of the inflation rate under different conditions. And in my last paper I show that a central bank with an extraneous instrument, "cheap talk" announcements, can influence the private sector to achieve better outcomes than could be obtained by manipulating the nominal interest rate alone with full knowledge of private sector expectation formation and in anything less than full knowledge, the private sector learns to discount announcements.


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Item Type: University of Pittsburgh ETD
Status: Unpublished
CreatorsEmailPitt UsernameORCID
Karaman, Suleyman Cemsuk12@pitt.eduSUK12
ETD Committee:
TitleMemberEmail AddressPitt UsernameORCID
Committee ChairDuffy, Johnjduffy@pitt.eduJDUFFY
Committee MemberDeJong, Daviddejong@pitt.eduDEJONG
Committee MemberGal-Or, Estheresther@katz.pitt.eduESTHER
Committee MemberFeigenbaum, Jamesjfeigen@pitt.eduJFEIGEN
Date: 19 September 2007
Date Type: Completion
Defense Date: 28 June 2007
Approval Date: 19 September 2007
Submission Date: 8 August 2007
Access Restriction: No restriction; Release the ETD for access worldwide immediately.
Institution: University of Pittsburgh
Schools and Programs: Dietrich School of Arts and Sciences > Economics
Degree: PhD - Doctor of Philosophy
Thesis Type: Doctoral Dissertation
Refereed: Yes
Uncontrolled Keywords: Adaptive Learning; announcements; Central bank policies; cheap talk; Commitment; Discretion; endogenous fluctuations; Escape dynamics; Inflation; inflation expectations; misspecification; Monetary Policy; two sided learning; Unemployment
Other ID:, etd-08082007-132638
Date Deposited: 10 Nov 2011 19:58
Last Modified: 15 Nov 2016 13:48


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