Learning , information and heterogeneity ∗
نویسندگان
چکیده
Most DSGE models assume full information and model-consistent expectations. This paper relaxes both these assumptions in the context of the stochastic growth model with incomplete markets and heterogeneous agents. Households do not have direct knowledge of the structure of economy or the values of aggregate quantities; instead they form expectations by learning from the prices in their marketconsistent information sets. The economy converges quickly to an equilibrium which is similar to the equilibrium with model-consistent expectations and marketconsistent information. Learning does not introduce strong dynamics at the aggregate level, though more interesting things happen at the household level. At least in the context of this model, assumptions about information seem important for aggregates; assumptions about the ability to form model-consistent expectations less so. JEL classification: D52; D84; E32.
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