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Export Reference (APA) 
Gomes, O. (2010). Ordinary least squares learning and nonlinearities in macroeconomics. Journal of Economic Surveys. 24 (1), 52-84
Export Reference (IEEE) 
O. M. Gomes,  "Ordinary least squares learning and nonlinearities in macroeconomics", in Journal of Economic Surveys, vol. 24, no. 1, pp. 52-84, 2010
Export BibTeX 
@article{gomes2010_1715939535078,
	author = "Gomes, O.",
	title = "Ordinary least squares learning and nonlinearities in macroeconomics",
	journal = "Journal of Economic Surveys",
	year = "2010",
	volume = "24",
	number = "1",
	doi = "10.1111/j.1467-6419.2009.00580.x",
	pages = "52-84",
	url = "http://onlinelibrary.wiley.com/doi/10.1111/j.1467-6419.2009.00580.x/full"
}
Export RIS 
TY  - JOUR
TI  - Ordinary least squares learning and nonlinearities in macroeconomics
T2  - Journal of Economic Surveys
VL  - 24
IS  - 1
AU  - Gomes, O.
PY  - 2010
SP  - 52-84
SN  - 0950-0804
DO  - 10.1111/j.1467-6419.2009.00580.x
UR  - http://onlinelibrary.wiley.com/doi/10.1111/j.1467-6419.2009.00580.x/full
AB  - The paper reviews the literature on adaptive learning in macroeconomic settings where the formation of expectations is particularly relevant. Special attention will be given to simple two-period overlapping generations models with a unique fixed point perfect foresight equilibrium; in this kind of scenario, eventual long-term periodic and a-periodic cycles are exclusively the result of the process of learning. The outcome that high rates of money growth have a potentially destabilizing effect generating periodic fluctuations and chaos is emphasized. The persistence of systematic forecast errors in a scenario where agents are supposed to act rationally is relevant in this context and it will be thoroughly discussed resorting to the notions of self-fulfilling mistakes, consistent expectations equilibria and beliefs equilibria.
ER  -