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Learning and Expectations in Dynamic Spatial Economies / Jingting Fan, Sungwan Hong, Fernando Parro.
- Format:
- Book
- Author/Creator:
- Fan, Jingting.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w31504.
- NBER working paper series no. w31504
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2023.
- Summary:
- The impact of shocks in dynamic environments depends on how forward-looking agents anticipate the path of future fundamentals that shape their decisions. We incorporate flexible beliefs about future fundamentals in a general class of dynamic spatial models, allowing beliefs to be evolving, uncertain, and heterogeneous across groups of agents. We show how to implement our methodology to study both ex-ante and ex-post shocks to fundamentals. We apply our method to two settings--an ex-ante study of the economic impacts of climate change, and an ex-post evaluation of the China productivity shock on the U.S. economy. In both cases, we study the impact of deviations from perfect foresight on different outcomes.
- Notes:
- July 2023.
- Print version record
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