Titlebook: Global Analysis of Dynamic Models in Economics and Finance; Essays in Honour of Gian Italo Bischi,Carl Chiarella,Iryna Sushko Book 2013 Sp

Narrative

characteristic

Behandlungsmethoden und -prinzipien,ear forecasts do not coincide with the true conditional expectation, but an SCEE is an ‘a(chǎn)pproximate rational expectations equilibrium’ in the sense that forecasting errors are unbiased and uncorrelated. Adaptive learning of SCEE is studied in an overlapping generations framework.

Overdose

outskirts

One-Dimensional Discontinuous Piecewise-Linear Maps and the Dynamics of Financial Markets bubbles, crashes and excess volatility. We also develop and calibrate a stochastic version of the model that matches the dynamics of actual financial markets quite well. In fact, simulated returns are virtually unpredictable and display features like volatility clustering and long memory effects.