Seppo Honkapohja

Centre for Economic Policy Research (CEPR)

Fellow

London

United Kingdom

Aalto University School of Business

Professor

, PO Box 21210

Aalto FI-00076

Finland

CESifo (Center for Economic Studies and Ifo Institute for Economic Research)

Poschinger Str. 5

Munich, DE-81679

Germany

http://www.CESifo.de

Aalto University - School of Business

Professor, Department of Economics

Finland

SCHOLARLY PAPERS

59

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4,918

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226

CROSSREF CITATIONS

901

Scholarly Papers (59)

1.

The 1990's Financial Crises in Nordic Countries

Bank of Finland Research Discussion Paper No. 5/2009
Number of pages: 32 Posted: 03 Jul 2009
Seppo Honkapohja and Seppo Honkapohja
Centre for Economic Policy Research (CEPR)Aalto University School of Business
Downloads 955 (34,318)
Citation 41

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financial deregulation, bank lending, overheating, financial crisis

2.

An Interview with Thomas J. Sargent

Number of pages: 28 Posted: 07 Apr 2005
George W. Evans, Seppo Honkapohja and Seppo Honkapohja
University of Oregon - Department of Economics and Centre for Economic Policy Research (CEPR)Aalto University School of Business
Downloads 372 (113,006)
Citation 1

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3.

Friedman's Money Supply Rule vs Optimal Interest Rate Policy

Bank of Finland Discussion Paper No. 10/2003
Number of pages: 24 Posted: 10 Oct 2003
George W. Evans, Seppo Honkapohja and Seppo Honkapohja
University of Oregon - Department of Economics and Centre for Economic Policy Research (CEPR)Aalto University School of Business
Downloads 217 (196,051)
Citation 2

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Monetary policy, determinacy, stability under learning

4.

Expectations, Learning and Monetary Policy: An Overview of Recent Research

Bank of Finland Research Discussion Paper No. 32/2007, CDMA Working Paper No. 0802
Number of pages: 52 Posted: 31 Jan 2008
George W. Evans, Seppo Honkapohja and Seppo Honkapohja
University of Oregon - Department of Economics and Centre for Economic Policy Research (CEPR)Aalto University School of Business
Downloads 194 (217,236)
Citation 23

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imperfect knowledge, learning, interest-rate setting, fluctuations, stability, determinacy

Expectations and the Stability Problem for Optimal Monetary Policies

U of Oregon Dept. of Economics Working Paper No. 230
Number of pages: 33 Posted: 12 Mar 2001
George W. Evans, Seppo Honkapohja and Seppo Honkapohja
University of Oregon - Department of Economics and Centre for Economic Policy Research (CEPR)Aalto University School of Business
Downloads 120 (321,408)
Citation 5

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expectations, stability, monetary policy, least squares learning

Expectations and the Stability Problem for Optimal Monetary Policies

University of Oregon Department of Economics Working Paper No. 2001-6
Number of pages: 33 Posted: 15 Oct 2003
George W. Evans, Seppo Honkapohja and Seppo Honkapohja
University of Oregon - Department of Economics and Centre for Economic Policy Research (CEPR)Aalto University School of Business
Downloads 37 (601,397)
Citation 1

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Expectations and the Stability Problem for Optimal Monetary Policies

Number of pages: 37 Posted: 05 Jun 2001
George W. Evans, Seppo Honkapohja and Seppo Honkapohja
University of Oregon - Department of Economics and Centre for Economic Policy Research (CEPR)Aalto University School of Business
Downloads 19 (732,505)
Citation 12
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Adaptive learning, instability, stability, private expectations

Expectations and the Stability Problem for Optimal Monetary Policies

Bundesbank Series 1 Discussion Paper No. 2000,10
Number of pages: 40 Posted: 08 Jun 2016
Seppo Honkapohja, Seppo Honkapohja and George W. Evans
Centre for Economic Policy Research (CEPR)Aalto University School of Business and University of Oregon - Department of Economics
Downloads 8 (840,009)

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Expectations and the Stability Problem for Optimal Monetary Policies

Posted: 30 Jul 2002
George W. Evans, Seppo Honkapohja and Seppo Honkapohja
University of Oregon - Department of Economics and Centre for Economic Policy Research (CEPR)Aalto University School of Business

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monetary policy, learning, expectational stability, optimal discretionary policy

6.

The 1980s Financial Liberalization in the Nordic Countries

Bank of Finland Research Discussion Paper No. 36/2012
Number of pages: 30 Posted: 18 Dec 2012
Seppo Honkapohja and Seppo Honkapohja
Centre for Economic Policy Research (CEPR)Aalto University School of Business
Downloads 165 (249,459)
Citation 4

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financial repression, credit rationing, capital account controls, financial deregulation

Learning as a Rational Foundation for Macroeconomics and Finance

Bank of Finland Research Discussion Paper No. 8/2011
Number of pages: 63 Posted: 12 Apr 2011
George W. Evans, Seppo Honkapohja and Seppo Honkapohja
University of Oregon - Department of Economics and Centre for Economic Policy Research (CEPR)Aalto University School of Business
Downloads 134 (295,909)
Citation 4

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cognitive consistency, E-stability, least-squares, persistent learning dynamics, business cycles, monetary policy, asset prices

Learning as a Rational Foundation for Macroeconomics and Finance

CEPR Discussion Paper No. DP8340
Number of pages: 55 Posted: 20 Apr 2011
George W. Evans, Seppo Honkapohja and Seppo Honkapohja
University of Oregon - Department of Economics and Centre for Economic Policy Research (CEPR)Aalto University School of Business
Downloads 6 (861,950)
Citation 4
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asset prices, business cycles, Cognitive consistency, E-stability, least-squares, monetary policy, persistent learning dynamics

On Robustness of Average Inflation Targeting

Bank of Finland Research Discussion Paper No. 6/2021
Number of pages: 68 Posted: 22 Apr 2021 Last Revised: 18 Nov 2021
Seppo Honkapohja, Seppo Honkapohja and Nigel McClung
Centre for Economic Policy Research (CEPR)Aalto University School of Business and Bank of Finland
Downloads 122 (317,561)
Citation 1

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On Robustness of Average Inflation Targeting

Number of pages: 65 Posted: 02 Feb 2022 Last Revised: 23 Apr 2022
Seppo Honkapohja, Seppo Honkapohja and Nigel McClung
Centre for Economic Policy Research (CEPR)Aalto University School of Business and Bank of Finland
Downloads 11 (808,556)

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Adaptive Learning, Inflation Targeting, Zero Interest Rate Lower Bound.

On Robustness of Average Inflation Targeting

CEPR Discussion Paper No. DP16001
Number of pages: 66 Posted: 14 May 2021
Seppo Honkapohja, Seppo Honkapohja and Nigel McClung
Centre for Economic Policy Research (CEPR)Aalto University School of Business and Bank of Finland
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9.

Learning Stability in Economics with Heterogenous Agents

Number of pages: 50 Posted: 29 Oct 2002
Seppo Honkapohja, Seppo Honkapohja and Kaushik Mitra
Centre for Economic Policy Research (CEPR)Aalto University School of Business and University of St. Andrews - School of Economics and Finance
Downloads 133 (296,373)

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Adaptive Learning, Expectations Formation, Stability of Equilibrium, Market Model, Monetary Policy

10.
Downloads 128 (305,147)
Citation 31

Monetary Policy, Expectations and Commitment

Number of pages: 49 Posted: 11 Sep 2002
George W. Evans, Seppo Honkapohja and Seppo Honkapohja
University of Oregon - Department of Economics and Centre for Economic Policy Research (CEPR)Aalto University School of Business
Downloads 81 (416,279)

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Commitment, Interest Rate Setting, Adaptive Learning, Stability, Determinacy

Monetary Policy, Expectations and Commitment

Scandinavian Journal of Economics, Vol. 108, No. 1, pp. 15-38, March 2006
Number of pages: 24 Posted: 08 May 2006
George W. Evans, Seppo Honkapohja and Seppo Honkapohja
University of Oregon - Department of Economics and Centre for Economic Policy Research (CEPR)Aalto University School of Business
Downloads 24 (690,604)
Citation 5

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Monetary Policy, Expectations and Commitment

Number of pages: 42 Posted: 17 Aug 2002
George W. Evans, Seppo Honkapohja and Seppo Honkapohja
University of Oregon - Department of Economics and Centre for Economic Policy Research (CEPR)Aalto University School of Business
Downloads 23 (698,639)
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Commitment, interest rate setting, adaptive learning, stability determinacy

11.
Downloads 118 (323,617)
Citation 45

Adaptive Learning and Monetary Policy Design

Bank of Finland Working Paper No. 29/2002
Number of pages: 39 Posted: 28 Apr 2003
Seppo Honkapohja, Seppo Honkapohja and George W. Evans
Centre for Economic Policy Research (CEPR)Aalto University School of Business and University of Oregon - Department of Economics
Downloads 92 (384,984)
Citation 6

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Commitment, interest rate setting, adaptive learning, stability, determinacy, expectations shocks

Adaptive Learning and Monetary Policy Design

Number of pages: 38 Posted: 27 Aug 2003
Seppo Honkapohja, Seppo Honkapohja and George W. Evans
Centre for Economic Policy Research (CEPR)Aalto University School of Business and University of Oregon - Department of Economics
Downloads 26 (674,857)
Citation 2
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Commitment, interest rate setting, adaptive learning, stability, determinacy, expectations shocks

12.

Growth Cycles

NBER Working Paper No. w5659
Number of pages: 51 Posted: 30 Sep 1996 Last Revised: 20 Jun 2021
George W. Evans, Seppo Honkapohja, Seppo Honkapohja and Paul M. Romer
University of Oregon - Department of Economics, Centre for Economic Policy Research (CEPR)Aalto University School of Business and National Bureau of Economic Research (NBER)
Downloads 116 (327,532)

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13.
Downloads 114 (331,576)
Citation 1

Stable Sunspot Equilibria in a Cash-in-Advance Economy

Number of pages: 30 Posted: 29 Nov 2001
George W. Evans, Seppo Honkapohja, Seppo Honkapohja and Ramon Marimon
University of Oregon - Department of Economics, Centre for Economic Policy Research (CEPR)Aalto University School of Business and Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI)
Downloads 82 (413,272)

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Indeterminacy, Learnability, Expectational Stability, Endogenous Fluctuations, Seignorage

Stable Sunspot Equilibria in a Cash-in-Advance Economy

University of Oregon Department of Economics Working Paper No. 2001-5
Number of pages: 28 Posted: 15 Oct 2003
George W. Evans, Seppo Honkapohja, Seppo Honkapohja and Ramon Marimon
University of Oregon - Department of Economics, Centre for Economic Policy Research (CEPR)Aalto University School of Business and Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI)
Downloads 32 (632,272)
Citation 2

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Indeterminacy, learnability, expectational stability, endogenous fluctuations, seignorage

14.
Downloads 104 (353,008)
Citation 3

Fiscal Policy and Learning

Bank of Finland Research Discussion Paper No. 5/2012
Number of pages: 35 Posted: 31 Jan 2012
Kaushik Mitra, George W. Evans, Seppo Honkapohja and Seppo Honkapohja
University of St. Andrews - School of Economics and Finance, University of Oregon - Department of Economics and Centre for Economic Policy Research (CEPR)Aalto University School of Business
Downloads 93 (382,349)
Citation 4

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government purchases, expectations, output multiplier, fiscal consolidation, taxation

Fiscal Policy and Learning

Bank of Finland Research Discussion Paper No. 5/2012
Number of pages: 35 Posted: 08 Dec 2017 Last Revised: 18 Nov 2021
Kaushik Mitra, George W. Evans, Seppo Honkapohja and Seppo Honkapohja
University of St. Andrews - School of Economics and Finance, University of Oregon - Department of Economics and Centre for Economic Policy Research (CEPR)Aalto University School of Business
Downloads 10 (818,801)

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Fiscal Policy and Learning

CEPR Discussion Paper No. DP8891
Number of pages: 35 Posted: 04 Apr 2012
George W. Evans, Seppo Honkapohja, Seppo Honkapohja and Kaushik Mitra
University of Oregon - Department of Economics, Centre for Economic Policy Research (CEPR)Aalto University School of Business and University of St. Andrews - School of Economics and Finance
Downloads 1 (929,419)
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Expectations, Government Spending, Permanent and temporary policy changes, Taxation

15.
Downloads 102 (357,524)
Citation 20

Generalized Stochastic Gradient Learning

CESifo Working Paper No. 1576
Number of pages: 40 Posted: 21 Nov 2005
George W. Evans, Seppo Honkapohja, Seppo Honkapohja and Noah Williams
University of Oregon - Department of Economics, Centre for Economic Policy Research (CEPR)Aalto University School of Business and Princeton University - Department of Economics
Downloads 71 (448,916)

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adaptive learning, E-stability, recursive least squares, robust estimation

Generalized Stochastic Gradient Learning

NBER Working Paper No. t0317
Number of pages: 47 Posted: 19 Sep 2007 Last Revised: 16 May 2021
George W. Evans, Seppo Honkapohja, Seppo Honkapohja and Noah Williams
University of Oregon - Department of Economics, Centre for Economic Policy Research (CEPR)Aalto University School of Business and Princeton University - Department of Economics
Downloads 28 (659,942)
Citation 3

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Generalized Stochastic Gradient Learning

International Economic Review, Vol. 51, Issue 1, pp. 237-262, February 2010
Number of pages: 26 Posted: 01 Mar 2010
George W. Evans, Seppo Honkapohja, Seppo Honkapohja and Noah Williams
University of Oregon - Department of Economics, Centre for Economic Policy Research (CEPR)Aalto University School of Business and Princeton University - Department of Economics
Downloads 3 (898,222)

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16.

The Euro Crisis: A View from the North

Bank of Finland Research Discussion Paper No. 12/2013
Number of pages: 28 Posted: 10 Jul 2013
Seppo Honkapohja and Seppo Honkapohja
Centre for Economic Policy Research (CEPR)Aalto University School of Business
Downloads 94 (376,655)
Citation 24

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financial crisis, sovereign debt, European integration

17.
Downloads 93 (379,184)
Citation 1

The E-Correspondence Principle

Number of pages: 27 Posted: 17 Feb 2004
George W. Evans, Seppo Honkapohja and Seppo Honkapohja
University of Oregon - Department of Economics and Centre for Economic Policy Research (CEPR)Aalto University School of Business
Downloads 79 (422,514)

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comparative dynamics, rational expectations, stability of equilibrium, adaptive

The E-Correspondence Principle

Economica, Vol. 74, No. 293, pp. 33-50, February 2007
Number of pages: 18 Posted: 13 Jan 2007
George W. Evans, Seppo Honkapohja and Seppo Honkapohja
University of Oregon - Department of Economics and Centre for Economic Policy Research (CEPR)Aalto University School of Business
Downloads 14 (778,534)

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Expectations, Deflation Traps and Macroeconomic Policy

Bank of Finland Research Discussion Paper No. 24/2009
Number of pages: 38 Posted: 28 Nov 2009
Seppo Honkapohja, Seppo Honkapohja and George W. Evans
Centre for Economic Policy Research (CEPR)Aalto University School of Business and University of Oregon - Department of Economics
Downloads 87 (398,777)

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adaptive learning, monetary policy, fiscal policy, zero interest rate lower bound

Expectations, Deflation Traps and Macroeconomic Policy

CEPR Discussion Paper No. DP7397
Number of pages: 35 Posted: 08 Sep 2009
George W. Evans, Seppo Honkapohja and Seppo Honkapohja
University of Oregon - Department of Economics and Centre for Economic Policy Research (CEPR)Aalto University School of Business
Downloads 3 (898,222)
Citation 1
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Adaptive Learning, Fiscal Policy, Monetary Policy, Zero Interest Rate Lower Bound

19.

Near-Rational Exuberance

ECB Working Paper No. 555, FRB of St. Louis Working Paper No. 2004-025A
Number of pages: 65 Posted: 01 Aug 2005
James Bullard, George W. Evans, Seppo Honkapohja and Seppo Honkapohja
Federal Reserve Banks - Federal Reserve Bank of St. Louis, University of Oregon - Department of Economics and Centre for Economic Policy Research (CEPR)Aalto University School of Business
Downloads 85 (400,611)

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Learning, expectations, excess volatility, bounded rationality, monetary policy

Does Ricardian Equivalence Hold When Expectations are Not Rational?

Bank of Finland Research Discussion Paper No. 13/2010
Number of pages: 29 Posted: 07 May 2010
George W. Evans, Seppo Honkapohja, Seppo Honkapohja and Kaushik Mitra
University of Oregon - Department of Economics, Centre for Economic Policy Research (CEPR)Aalto University School of Business and University of St. Andrews - School of Economics and Finance
Downloads 82 (413,272)
Citation 5

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Taxation, Expectations, Ramsey Model, Ricardian Equivalence

Does Ricardian Equivalence Hold When Expectations are Not Rational?

CEPR Discussion Paper No. DP7792
Number of pages: 28 Posted: 19 May 2010
George W. Evans, Seppo Honkapohja, Seppo Honkapohja and Kaushik Mitra
University of Oregon - Department of Economics, Centre for Economic Policy Research (CEPR)Aalto University School of Business and University of St. Andrews - School of Economics and Finance
Downloads 1 (929,419)
Citation 4
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expectations, Ramsey model, Ricardian equivalence, Taxation

21.

Policy Interaction, Expectations and the Liquidity Trap

Bank of Finland Discussion Paper No. 22/2003
Number of pages: 37 Posted: 17 Feb 2004
George W. Evans, Seppo Honkapohja and Seppo Honkapohja
University of Oregon - Department of Economics and Centre for Economic Policy Research (CEPR)Aalto University School of Business
Downloads 80 (415,034)
Citation 9

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stability of equilibria, fiscal and monetary policy, interest rate and

22.

Are Stationary Hyperinflation Paths Learnable?

Number of pages: 31 Posted: 13 May 2003
Klaus Adam, George W. Evans, Seppo Honkapohja and Seppo Honkapohja
University of Mannheim, University of Oregon - Department of Economics and Centre for Economic Policy Research (CEPR)Aalto University School of Business
Downloads 77 (424,284)
Citation 1

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Indeterminacy, Inflation, Stability of Equilibria, Seigniorage

Performance of Inflation Targeting Based on Constant Interest Rate Projections

Number of pages: 36 Posted: 20 Dec 2003
Seppo Honkapohja, Seppo Honkapohja and Kaushik Mitra
Centre for Economic Policy Research (CEPR)Aalto University School of Business and University of St. Andrews - School of Economics and Finance
Downloads 58 (498,229)
Citation 3

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Indeterminacy, instability under learning, inflation targeting, inertia in demand, inflation inertia

Performance of Inflation Targeting Based on Constant Interest Rate Projections

Number of pages: 35 Posted: 03 Jan 2004
Seppo Honkapohja, Seppo Honkapohja and Kaushik Mitra
Centre for Economic Policy Research (CEPR)Aalto University School of Business and University of St. Andrews - School of Economics and Finance
Downloads 14 (778,534)
Citation 3
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Indeterminacy, instability under learning, inflation targeting, inertia in demand, inflation inertia

24.
Downloads 68 (453,665)

Growth, Expectations and Tariffs

Bank of Finland Research Discussion Paper No. 9/2011
Number of pages: 52 Posted: 28 May 2011
Seppo Honkapohja, Seppo Honkapohja, Arja H. Turunen-Red and Alan D. Woodland
Centre for Economic Policy Research (CEPR)Aalto University School of Business, University of New Orleans - College of Business Administration - Department of Economics and Finance and University of New South Wales
Downloads 34 (619,487)

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endogenous growth, expectations, learning, short-run dynamics, tariffs, complementary capital goods

Growth, Expectations, and Tariffs

CESifo Working Paper Series No. 3435
Number of pages: 44 Posted: 04 May 2011
Seppo Honkapohja, Seppo Honkapohja, Arja H. Turunen-Red and Alan D. Woodland
Centre for Economic Policy Research (CEPR)Aalto University School of Business, University of New Orleans - College of Business Administration - Department of Economics and Finance and University of New South Wales
Downloads 28 (659,942)

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endogenous growth, expectations, learning, short run dynamics, tariffs, complementary capital goods

Growth, Expectations and Tariffs

Bank of Finland Research Discussion Paper No. 9/2011
Number of pages: 52 Posted: 16 Dec 2017 Last Revised: 18 Nov 2021
Seppo Honkapohja, Seppo Honkapohja, Arja H. Turunen-Red and Alan D. Woodland
Centre for Economic Policy Research (CEPR)Aalto University School of Business, University of New Orleans - College of Business Administration - Department of Economics and Finance and University of New South Wales
Downloads 5 (873,184)

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Growth, Expectations and Tariffs

Canadian Journal of Economics/Revue canadienne d'économique, Vol. 49, Issue 4, pp. 1441-1469, 2016
Number of pages: 29 Posted: 27 Dec 2016
Seppo Honkapohja, Seppo Honkapohja, Arja H. Turunen-Red and Alan D. Woodland
Centre for Economic Policy Research (CEPR)Aalto University School of Business, University of New Orleans - College of Business Administration - Department of Economics and Finance and University of New South Wales
Downloads 1 (929,419)

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Policy Interaction, Learning and the Fiscal Theory of Prices

University of Oregon, Economics Working Paper No. 241; Bank of Finland Discussion Paper No. 18/2002
Number of pages: 32 Posted: 22 Apr 2003
George W. Evans, Seppo Honkapohja and Seppo Honkapohja
University of Oregon - Department of Economics and Centre for Economic Policy Research (CEPR)Aalto University School of Business
Downloads 50 (533,455)
Citation 9

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Inflation, expectations, fiscal and monetary policy, explosive price paths

Policy Interaction, Learning and the Fiscal Theory of Prices

Number of pages: 30 Posted: 01 Nov 2002
George W. Evans, Seppo Honkapohja and Seppo Honkapohja
University of Oregon - Department of Economics and Centre for Economic Policy Research (CEPR)Aalto University School of Business
Downloads 17 (750,336)
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Inflation, expectations, fiscal and monetary policy, explosive price paths

26.

Expectational Stability of Resonant Frequency Sunspot Equilibria

Number of pages: 15 Posted: 01 Aug 2001
George W. Evans, Seppo Honkapohja and Seppo Honkapohja
University of Oregon - Department of Economics and Centre for Economic Policy Research (CEPR)Aalto University School of Business
Downloads 63 (471,510)
Citation 1

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Indeterminacy, Representations of Solutions, Learnability, Expectational Stability, Endogenous Fluctuations

27.
Downloads 62 (475,238)
Citation 9

Price Level Targeting with Evolving Credibility

Bank of Finland Research Discussion Paper No. 5/2018
Number of pages: 79 Posted: 26 Feb 2018 Last Revised: 18 Nov 2021
Seppo Honkapohja, Seppo Honkapohja and Mitra Kaushik
Centre for Economic Policy Research (CEPR)Aalto University School of Business and University of Birmingham
Downloads 62 (482,037)
Citation 9

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adaptive learning, limited credibility, inflation targeting, zero interest rate lower bound

Price Level Targeting with Evolving Credibility

CEPR Discussion Paper No. DP12739
Number of pages: 79 Posted: 26 Feb 2018
Seppo Honkapohja, Seppo Honkapohja and Kaushik Mitra
Centre for Economic Policy Research (CEPR)Aalto University School of Business and University of Birmingham
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Adaptive Learning, Inflation targeting, Limited Credibility, Zero Interest Rate Lower Bound

Liquidity Traps and Expectation Dynamics: Fiscal Stimulus or Fiscal Austerity?

Bank of Finland Research Discussion Paper No. 27/2012
Number of pages: 37 Posted: 10 Nov 2012
Jess Benhabib, George W. Evans, Seppo Honkapohja and Seppo Honkapohja
New York University - Leonard N. Stern School of Business - Department of Economics, University of Oregon - Department of Economics and Centre for Economic Policy Research (CEPR)Aalto University School of Business
Downloads 42 (573,542)

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adaptive learning, monetary policy, fiscal policy, zero interest rate lower bound

Liquidity Traps and Expectation Dynamics: Fiscal Stimulus or Fiscal Austerity?

NBER Working Paper No. w18114
Number of pages: 33 Posted: 26 May 2012 Last Revised: 01 Jul 2022
Jess Benhabib, George W. Evans, Seppo Honkapohja and Seppo Honkapohja
New York University - Leonard N. Stern School of Business - Department of Economics, University of Oregon - Department of Economics and Centre for Economic Policy Research (CEPR)Aalto University School of Business
Downloads 19 (732,505)
Citation 3

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Existence of Adaptively Stable Sunspot Equilibria Near an Indeterminate Steady State

Number of pages: 17 Posted: 11 Jul 2001
George W. Evans, Seppo Honkapohja and Seppo Honkapohja
University of Oregon - Department of Economics and Centre for Economic Policy Research (CEPR)Aalto University School of Business
Downloads 61 (486,098)
Citation 1

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Indeterminacy, Learnability, Expectational Stability, Endogenous Fluctuations

Existence of Adaptively Stable Sunspot Equilibria Near an Indeterminate Steady State

Posted: 23 Jul 2002
George W. Evans, Seppo Honkapohja and Seppo Honkapohja
University of Oregon - Department of Economics and Centre for Economic Policy Research (CEPR)Aalto University School of Business

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Indeterminacy, Learnability, Expectational Stability, Endogenous Fluctuations

30.

Performance of Monetary Policy with Internal Central Bank Forecasting

Number of pages: 54 Posted: 14 Jan 2003
Seppo Honkapohja, Seppo Honkapohja and Kaushik Mitra
Centre for Economic Policy Research (CEPR)Aalto University School of Business and University of St. Andrews - School of Economics and Finance
Downloads 60 (482,915)

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Adaptive Learning, Stability, Heterogeneity, Monetary Policy

Robust Learning Stability with Operational Monetary Policy Rules

CDMA Working Paper No. 07/19, Bank of Finland Research Discussion Paper No. 31/2007
Number of pages: 31 Posted: 31 Oct 2007
George W. Evans, Seppo Honkapohja and Seppo Honkapohja
University of Oregon - Department of Economics and Centre for Economic Policy Research (CEPR)Aalto University School of Business
Downloads 57 (502,324)
Citation 5

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Commitment, interest-rate setting, adaptive learning, stability, determinacy.

Robust Learning Stability with Operational Monetary Policy Rules

CEPR Discussion Paper No. DP6641
Number of pages: 26 Posted: 05 Jun 2008
George W. Evans, Seppo Honkapohja and Seppo Honkapohja
University of Oregon - Department of Economics and Centre for Economic Policy Research (CEPR)Aalto University School of Business
Downloads 2 (912,865)
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Adaptive learning, Commitment, determinacy, interest-rate setting, stability

32.
Downloads 56 (498,580)
Citation 13

Anticipated Fiscal Policy and Adaptive Learning

Centre for Dynamic Macroeconomic Analysis Working Paper No. 0717
Number of pages: 49 Posted: 27 Oct 2007
George W. Evans, Seppo Honkapohja, Seppo Honkapohja and Kaushik Mitra
University of Oregon - Department of Economics, Centre for Economic Policy Research (CEPR)Aalto University School of Business and University of St. Andrews - School of Economics and Finance
Downloads 54 (515,145)
Citation 1

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taxation, expectations, Ramsey model

Anticipated Fiscal Policy and Adaptive Learning

CEPR Discussion Paper No. DP6216
Number of pages: 47 Posted: 22 May 2008
George W. Evans, Seppo Honkapohja, Seppo Honkapohja and Kaushik Mitra
University of Oregon - Department of Economics, Centre for Economic Policy Research (CEPR)Aalto University School of Business and University of St. Andrews - School of Economics and Finance
Downloads 2 (912,865)
Citation 3
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Expectations, Ramsey model, taxation

Targeting Nominal GDP or Prices: Guidance and Expectation Dynamics

Bank of Finland Research Discussion Paper No. 4/2014
Number of pages: 51 Posted: 05 Feb 2014 Last Revised: 17 Mar 2014
Seppo Honkapohja, Seppo Honkapohja and Kaushik Mitra
Centre for Economic Policy Research (CEPR)Aalto University School of Business and University of St. Andrews - School of Economics and Finance
Downloads 48 (542,947)
Citation 40

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adaptive learning, monetary policy, inflation targeting, zero interest rate lower bound

Targeting Nominal GDP or Prices: Guidance and Expectation Dynamics

CEPR Discussion Paper No. DP9857
Number of pages: 50 Posted: 02 Jun 2014
Seppo Honkapohja, Seppo Honkapohja and Kaushik Mitra
Centre for Economic Policy Research (CEPR)Aalto University School of Business and University of St. Andrews - School of Economics and Finance
Downloads 1 (929,419)
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Adaptive Learning, Inflation Targeting, Monetary Policy, Zero Interest Rate Lower Bound

34.

A Model of Near-Rational Exuberance

Number of pages: 40 Posted: 07 Mar 2007
James Bullard, George W. Evans, Seppo Honkapohja and Seppo Honkapohja
Federal Reserve Banks - Federal Reserve Bank of St. Louis, University of Oregon - Department of Economics and Centre for Economic Policy Research (CEPR)Aalto University School of Business
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Citation 4

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Learning, expectations, excess volatility, bounded rationality

Comparing Inflation and Price Level Targeting: The Role of Forward Guidance and Transparency

The Manchester School, Special Issue: Proceeding of the Money, Macroeconomics and Finance Research Group, 2014, Volume 83, Issue Supplement S2, pages 27–59, September 2015 , Bank of Finland Research Discussion Paper No. 9/2015
Number of pages: 44 Posted: 17 Jun 2015 Last Revised: 31 Oct 2015
Seppo Honkapohja, Seppo Honkapohja and Kaushik Mitra
Centre for Economic Policy Research (CEPR)Aalto University School of Business and University of St. Andrews - School of Economics and Finance
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Citation 10

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Adaptive Learning, Monetary Policy, Inflation Targeting, Zero Interest Rate Lower Bound

Comparing Inflation and Price Level Targeting: The Role of Forward Guidance and Transparency

CEPR Discussion Paper No. DP10513
Number of pages: 44 Posted: 01 Apr 2015
Seppo Honkapohja, Seppo Honkapohja and Kaushik Mitra
Centre for Economic Policy Research (CEPR)Aalto University School of Business and University of St. Andrews - School of Economics and Finance
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Adaptive learning, monetary policy, zero interest rate lower bound

Comparing Inflation and Price‐Level Targeting: The Role of Forward Guidance and Transparency

The Manchester School, Vol. 83, pp. 27-59, 2015
Number of pages: 33 Posted: 25 Aug 2015
Seppo Honkapohja, Seppo Honkapohja and Kaushik Mitra
Centre for Economic Policy Research (CEPR)Aalto University School of Business and University of St. Andrews - School of Economics and Finance
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36.
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Citation 12

Policy Change and Learning in the RBC Model

Bank of Finland Research Discussion Paper No. 22/2011
Number of pages: 62 Posted: 11 Nov 2011
Kaushik Mitra, George W. Evans, Seppo Honkapohja and Seppo Honkapohja
University of St. Andrews - School of Economics and Finance, University of Oregon - Department of Economics and Centre for Economic Policy Research (CEPR)Aalto University School of Business
Downloads 36 (607,355)
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taxation, government spending, expectations, permanent and temporary policy changes

Policy Change and Learning in the RBC Model

CEPR Discussion Paper No. DP8892
Number of pages: 55 Posted: 04 Apr 2012
George W. Evans, Seppo Honkapohja, Seppo Honkapohja and Kaushik Mitra
University of Oregon - Department of Economics, Centre for Economic Policy Research (CEPR)Aalto University School of Business and University of St. Andrews - School of Economics and Finance
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Citation 2
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Expectations, Government Spending, Permanent and Temporary Policy Change, Taxation

37.

Monetary Policy, Judgment and Near-Rational Exuberance

Number of pages: 27 Posted: 07 Mar 2007
James Bullard, George W. Evans, Seppo Honkapohja and Seppo Honkapohja
Federal Reserve Banks - Federal Reserve Bank of St. Louis, University of Oregon - Department of Economics and Centre for Economic Policy Research (CEPR)Aalto University School of Business
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Learning, expectations, excess volatility, bounded rationality, monetary policy

38.

Monetary Policies to Counter the Zero Interest Rate: An Overview of Research

Bank of Finland Research Discussion Paper No. 18/2015
Number of pages: 35 Posted: 21 Oct 2015 Last Revised: 20 Aug 2018
Seppo Honkapohja and Seppo Honkapohja
Centre for Economic Policy Research (CEPR)Aalto University School of Business
Downloads 37 (587,981)
Citation 1

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adaptive learning, monetary policy, inflation targeting, zero interest rate lower bound

39.

Stable Sunspot Equilibria in a Cash-in-Advance Economy

UPF Economics and Business Working Paper 844
Number of pages: 34 Posted: 30 Nov 2005
George W. Evans, Seppo Honkapohja, Seppo Honkapohja and Ramon Marimon
University of Oregon - Department of Economics, Centre for Economic Policy Research (CEPR)Aalto University School of Business and Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI)
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Indeterminacy, learnability, expectational stability, endogenous fluctuations, seigniorage

Expectations, Stagnation and Fiscal Policy

Bank of Finland Research Discussion Paper No. 25/2016
Number of pages: 97 Posted: 15 Aug 2016
George W. Evans, Seppo Honkapohja, Seppo Honkapohja and Kaushik Mitra
University of Oregon - Department of Economics, Centre for Economic Policy Research (CEPR)Aalto University School of Business and University of Birmingham
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E62, D84, E21, E43, stagnation, deflation, expectations, output multiplier, New Keynesian model, adaptive learning, fiscal policy

Expectations, Stagnation and Fiscal Policy

CEPR Discussion Paper No. DP11428
Number of pages: 96 Posted: 08 Aug 2016
George W. Evans, Seppo Honkapohja, Seppo Honkapohja and Kaushik Mitra
University of Oregon - Department of Economics, Centre for Economic Policy Research (CEPR)Aalto University School of Business and University of Birmingham
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Adaptive Learning, Deflation, Expectations, Fiscal policy, New Keynesian Model, Output Multiplier, Stagnation

41.

Increasing Returns, Learning, and Beneficial Tax Competition

Journal of Public Economic Theory, Vol. 9, Issue 6, pp. 927-958, December 2007
Number of pages: 32 Posted: 11 Dec 2007
Seppo Honkapohja, Seppo Honkapohja and Arja H. Turunen-Red
Centre for Economic Policy Research (CEPR)Aalto University School of Business and University of New Orleans - College of Business Administration - Department of Economics and Finance
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42.

Performance of Monetary Policy with Internal Central Bank Forecasting

Bank of Finland Research Discussion Paper No. 3/2002
Number of pages: 47 Posted: 10 Oct 2007
Seppo Honkapohja, Seppo Honkapohja and Kaushik Mitra
Centre for Economic Policy Research (CEPR)Aalto University School of Business and University of St. Andrews - School of Economics and Finance
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adaptive learning, stability, heterogeneity, monetary policy

43.

Bilateral Contracts

NBER Working Paper No. w0721
Number of pages: 30 Posted: 18 Aug 2004 Last Revised: 23 Jun 2022
Jerry Green, Seppo Honkapohja and Seppo Honkapohja
Harvard University, HBS Negotiations, Organizations and Markets Unit; Dept. of Economics and Centre for Economic Policy Research (CEPR)Aalto University School of Business
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44.

Non-Trivial Equilibrium in an Economy with Stochastic Rationing

NBER Working Paper No. w0322
Number of pages: 43 Posted: 19 Jun 2004 Last Revised: 21 May 2022
Seppo Honkapohja, Seppo Honkapohja and Takatoshi Ito
Centre for Economic Policy Research (CEPR)Aalto University School of Business and University of Tokyo - Faculty of Economics
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45.

Policy Interaction, Expectation and Liquidity Trap

Number of pages: 33 Posted: 06 Aug 2003
George W. Evans, Seppo Honkapohja and Seppo Honkapohja
University of Oregon - Department of Economics and Centre for Economic Policy Research (CEPR)Aalto University School of Business
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Learning, deflation, economic policy

46.

A Stochastic Approach to Disequilibrium Macroeconomics

NBER Working Paper No. t0001
Number of pages: 39 Posted: 27 Jun 2007 Last Revised: 04 Jul 2022
Seppo Honkapohja, Seppo Honkapohja and Takatoshi Ito
Centre for Economic Policy Research (CEPR)Aalto University School of Business and University of Tokyo - Faculty of Economics
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47.

Are Non-Fundamental Equilibria Learnable in Models of Monetary Policy?

Number of pages: 47 Posted: 18 Jul 2001
Seppo Honkapohja, Seppo Honkapohja and Kaushik Mitra
Centre for Economic Policy Research (CEPR)Aalto University School of Business and University of St. Andrews - School of Economics and Finance
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Adaptive learning, stability, sunspots, monetary policy

48.

Discussion of Preston, 'Learning About Monetary Policy Rules When Long-Horizon Expectations Matter'

FRB Atlanta Working Paper No. 2003-19
Number of pages: 9 Posted: 18 Feb 2015
Seppo Honkapohja and Seppo Honkapohja
Centre for Economic Policy Research (CEPR)Aalto University School of Business
Downloads 14 (751,566)
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49.

Complementarity, Growth, and Trade

Number of pages: 22 Posted: 30 Dec 2002
Seppo Honkapohja, Seppo Honkapohja and Arja H. Turunen-Red
Centre for Economic Policy Research (CEPR)Aalto University School of Business and University of New Orleans - College of Business Administration - Department of Economics and Finance
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50.

Comparing Inflation and Price Level Targeting: The Role of Forward Guidance and Transparency

Bank of Finland Research Discussion Paper No. 9/2015
Number of pages: 44 Posted: 21 Oct 2015
Seppo Honkapohja, Seppo Honkapohja and Kaushik Mitra
Centre for Economic Policy Research (CEPR)Aalto University School of Business and University of Birmingham
Downloads 11 (779,412)

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adaptive learning, monetary policy, inflation targeting, zero interest rate lower bound

51.

Expectations, Learning and Monetary Policy: An Overview of Recent Rersearch

CEPR Discussion Paper No. DP6640
Number of pages: 53 Posted: 05 Jun 2008
George W. Evans, Seppo Honkapohja and Seppo Honkapohja
University of Oregon - Department of Economics and Centre for Economic Policy Research (CEPR)Aalto University School of Business
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Determinacy, fluctuations, imperfect knowledge, interest-rate setting, learning, stability

52.

Bayesian Model Averaging, Learning and Model Selection

CEPR Discussion Paper No. DP8917
Number of pages: 27 Posted: 04 Apr 2012
George W. Evans, Seppo Honkapohja, Seppo Honkapohja, Thomas J. Sargent and Noah Williams
University of Oregon - Department of Economics, Centre for Economic Policy Research (CEPR)Aalto University School of Business, New York University (NYU) - Department of Economics, Leonard N. Stern School of Business and Princeton University - Department of Economics
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grain of truth, rational expectations equilibrium, Time-varying perceptions

53.

Liquidity Traps, Learning and Stagnation

CEPR Discussion Paper No. DP6355
Number of pages: 38 Posted: 23 May 2008
George W. Evans, Eran Guse, Seppo Honkapohja and Seppo Honkapohja
University of Oregon - Department of Economics, University of Cambridge - Faculty of Economics and Politics and Centre for Economic Policy Research (CEPR)Aalto University School of Business
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Citation 5
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Adaptive learning, fiscal policy, indeterminacy, monetary policy, zero interest rate lower bound

54.

Expectations, Stagnation and Fiscal Policy: A Nonlinear Analysis

CEPR Discussion Paper No. DP15171
Number of pages: 79 Posted: 12 Sep 2020
George W. Evans, Seppo Honkapohja, Seppo Honkapohja and Kaushik Mitra
University of Oregon - Department of Economics, Centre for Economic Policy Research (CEPR)Aalto University School of Business and University of Birmingham
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Adaptive Learning, Expectations, Fiscal policy, New-Keynesian model, Stagnation Trap

55.
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Learning and Macroeconomics

Posted: 04 Jun 2010
George W. Evans, Seppo Honkapohja and Seppo Honkapohja
University of Oregon - Department of Economics and Centre for Economic Policy Research (CEPR)Aalto University School of Business

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Learning and Macroeconomics

Annual Review of Economics, Vol. 1, pp. 421-451, 2009
Posted: 31 Aug 2011
George W. Evans, Seppo Honkapohja and Seppo Honkapohja
University of Oregon - Department of Economics and Centre for Economic Policy Research (CEPR)Aalto University School of Business

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56.

Are Hyperinflation Paths Learnable?

Journal of Economic Dynamics and Control, Forthcoming
Posted: 27 Oct 2005
Klaus Adam, George W. Evans, Seppo Honkapohja and Seppo Honkapohja
University of Mannheim, University of Oregon - Department of Economics and Centre for Economic Policy Research (CEPR)Aalto University School of Business

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Indeterminacy, inflation, stability of equilibria, seigniorage

57.

Expectational Stability of Stationary Sunspot Equilibria in a Forward-Looking Linear Model

Posted: 13 Aug 2003
George W. Evans, Seppo Honkapohja and Seppo Honkapohja
University of Oregon - Department of Economics and Centre for Economic Policy Research (CEPR)Aalto University School of Business

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indeterminacy, representations of solutions, learnability, expectational stability, endogenous fluctuations

58.

Economic Dynamics with Learning: New Stability Results

CES Working Paper No. 109
Posted: 21 Apr 1998
Seppo Honkapohja, Seppo Honkapohja and George W. Evans
Centre for Economic Policy Research (CEPR)Aalto University School of Business and University of Oregon - Department of Economics

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59.

Convergence of Learning Algorithms Without a Projection Facility

CES Working Paper No. 110
Posted: 15 Apr 1998
Seppo Honkapohja, Seppo Honkapohja and George W. Evans
Centre for Economic Policy Research (CEPR)Aalto University School of Business and University of Oregon - Department of Economics

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