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Chasing and the house money effect are well-known phenomena in dynamic environments of risky activities such as investment decisions or gambling. Recent studies suggest that such behavior emerges …
Discussion paper
We provide a theory of dynamic oligopoly pricing with heterogeneous price technologies, captured by the presence of trackers (on the firm-side) and shoppers (on the consumer-side) who can costlessly …
Discussion paper
This paper considers average inflation targeting (AIT) policy in a New Keynesian model with adaptive learning agents. Our analysis raises concerns regarding robustness of AIT when agents have …
Discussion paper