Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/152554
Authors: 
Honkapohja, Seppo
Mitra, Kaushik
Year of Publication: 
2002
Series/Report no.: 
ECB Working Paper 120
Abstract: 
An economy exhibits structural heterogeneity when the forecasts of different agents have different effects on the determination of aggregate variables. We study how different forms of heterogeneity in structure, forecasts and adaptive learning rules affect the conditions for convergence of adaptive learning towards rational expectations equilibrium. Results are applied to the market model with supply lags, a New Keynesian model of interest rate setting and the monetary inflation model with heterogenous agents.
JEL: 
D83
C62
E30
Document Type: 
Working Paper

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