Learning, inflation, and the Phillips Curve

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buir.advisorBaşçı, Erdem
dc.contributor.authorKaplan, Duygu
dc.date.accessioned2016-01-08T20:17:23Z
dc.date.available2016-01-08T20:17:23Z
dc.date.issued2000
dc.departmentDepartment of Economicsen_US
dc.descriptionAnkara : The Department of Economics, Bilkent Univ., 2000.en_US
dc.descriptionThesis (Master's) -- Bilkent University, 2000.en_US
dc.descriptionIncludes bibliographical references leaves 44-51.en_US
dc.description.abstractThe Replicator Dynamics of Evolutionary Game Theory is introduced in a closed economy so as to model how a continuum of firms evolve over time with respect to the pricing strategies. Incorporation- of Replicator Dynamics facilitates modelling microeconomic frictions that lead to a Phillips Curve on the macroeconomic level. I'he firms are boundedly rational players which are learning, and are apt to make mistakes. Mistakes function as a mutation process and prevent a strategy from becoming extinct. An arbitrary non-empty set of consumers face a cash-in-advance constraint and total consumption spending is symmetrically affected by changes in growth rate of money supply which is stochastic. Using a discrete price set, we introduce heterogeneity of firm behaviour in a single homogenous good market. The economy is simulated ibr a large number of finitely many time periods. A Phillips Curve type linkage between infiation and output is recognized at stationary states. The slope of the Phillips Curve is observed to increase as mean of money growth rate gets higher or as the uncertainty in money growth rate is increased. Slope of the Phillips Curve diminishes as price stickiness is intensified by either reducing the mistake level or by increasing the firms' responsiveness to relative payoff realizations.en_US
dc.description.degreeM.A.en_US
dc.description.provenanceMade available in DSpace on 2016-01-08T20:17:23Z (GMT). No. of bitstreams: 1 1.pdf: 78510 bytes, checksum: d85492f20c2362aa2bcf4aad49380397 (MD5)en
dc.description.statementofresponsibilityKaplan, Duyguen_US
dc.format.extentx, 89 pages, tables and graphicsen_US
dc.identifier.urihttp://hdl.handle.net/11693/18223
dc.language.isoEnglishen_US
dc.publisherBilkent Universityen_US
dc.rightsinfo:eu-repo/semantics/openAccessen_US
dc.subjectPhillips Cuiween_US
dc.subjectInflationen_US
dc.subjectLearningen_US
dc.subjectReplicator Dynamicsen_US
dc.subject.lccHG229 .K37 2000en_US
dc.subject.lcshInflation (Finance)--Mathematical models.en_US
dc.subject.lcshPhillips Curve.en_US
dc.titleLearning, inflation, and the Phillips Curveen_US
dc.typeThesisen_US

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Dept. of Economics - Master's degree