The timing of information updates: a stability result

Detalhes bibliográficos
Autor(a) principal: Gomes, O.
Data de Publicação: 2009
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: https://ciencia.iscte-iul.pt/public/pub/id/22725
http://hdl.handle.net/10071/10487
Resumo: We assume an environment where the current value of an aggregate nonstationary variable is generated by weighting the behavior of a large set of agents who choose to form expectations resorting to more or less outdated information concerning the state of the economy. Agents using recent information are able to produce expectations with a strong component of perfect foresight; agents resorting to outdated information will use predominantly the time series of the assumed variable to learn its long-term value. The main result is that a strong degree of information stickiness may imply a departure from stability (a Neimark-Sacker bifurcation occurs).
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spelling The timing of information updates: a stability resultInformation stickinessAdaptive learningNeimark-Sacker bifurcationEndogenous fluctuationsWe assume an environment where the current value of an aggregate nonstationary variable is generated by weighting the behavior of a large set of agents who choose to form expectations resorting to more or less outdated information concerning the state of the economy. Agents using recent information are able to produce expectations with a strong component of perfect foresight; agents resorting to outdated information will use predominantly the time series of the assumed variable to learn its long-term value. The main result is that a strong degree of information stickiness may imply a departure from stability (a Neimark-Sacker bifurcation occurs).Economics Bulletin2015-12-23T15:20:43Z2009-01-01T00:00:00Z20092015-12-23T15:17:55Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttps://ciencia.iscte-iul.pt/public/pub/id/22725http://hdl.handle.net/10071/10487eng1545-2921Gomes, O.info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-11-09T17:59:37Zoai:repositorio.iscte-iul.pt:10071/10487Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T22:31:20.187497Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv The timing of information updates: a stability result
title The timing of information updates: a stability result
spellingShingle The timing of information updates: a stability result
Gomes, O.
Information stickiness
Adaptive learning
Neimark-Sacker bifurcation
Endogenous fluctuations
title_short The timing of information updates: a stability result
title_full The timing of information updates: a stability result
title_fullStr The timing of information updates: a stability result
title_full_unstemmed The timing of information updates: a stability result
title_sort The timing of information updates: a stability result
author Gomes, O.
author_facet Gomes, O.
author_role author
dc.contributor.author.fl_str_mv Gomes, O.
dc.subject.por.fl_str_mv Information stickiness
Adaptive learning
Neimark-Sacker bifurcation
Endogenous fluctuations
topic Information stickiness
Adaptive learning
Neimark-Sacker bifurcation
Endogenous fluctuations
description We assume an environment where the current value of an aggregate nonstationary variable is generated by weighting the behavior of a large set of agents who choose to form expectations resorting to more or less outdated information concerning the state of the economy. Agents using recent information are able to produce expectations with a strong component of perfect foresight; agents resorting to outdated information will use predominantly the time series of the assumed variable to learn its long-term value. The main result is that a strong degree of information stickiness may imply a departure from stability (a Neimark-Sacker bifurcation occurs).
publishDate 2009
dc.date.none.fl_str_mv 2009-01-01T00:00:00Z
2009
2015-12-23T15:20:43Z
2015-12-23T15:17:55Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://ciencia.iscte-iul.pt/public/pub/id/22725
http://hdl.handle.net/10071/10487
url https://ciencia.iscte-iul.pt/public/pub/id/22725
http://hdl.handle.net/10071/10487
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv 1545-2921
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Economics Bulletin
publisher.none.fl_str_mv Economics Bulletin
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
repository.mail.fl_str_mv
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