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Essays in Heterogeneous Learning
Bogomolova, Anna ; Slobodyan, Sergey (advisor) ; McGough, Bruce (referee) ; Molnar, Krizstina (referee)
5 Abstract Essays in Heterogeneous Learning by Anna Bogomolova My dissertation makes a contribution to the …eld of heterogeneous adaptive learning in macroeconomic models. This contribution is presented in the form of three research papers that constitute di¤erent chapters of my thesis. In the …rst chapter of my dissertation, "E-stability That Does Imply Learnability", I provide criteria and su¢ cient conditions for the stability of a structurally heterogeneous economy under the heterogeneous learning of agents, extending the results of Honkapohja and Mitra [36], Bogomolova and Kolyuzhnov [5], and Kolyuzhnov [40]. I provide general criteria (in terms of the corresponding Jacobian matrices) for stability under heterogeneous mixed RLS/SG learning for four classes of models: models without lags and with lags of the endogenous variable and with t- or t 1- dating of expectations, and provide su¢ cient conditions for stability for some simpler cases, where simpli…cations include either the diagonal structure of the shock process behaviour or the heterogeneous RLS learning. I also provide su¢ cient conditions for stability in terms of the structural heterogeneity independent of heterogeneity in learning ( -stability) in terms of E-stability of a suitably de…ned aggregate economy for all four classes of models...
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Four Essays on Macroeconomic Aspects of the Transition Process
Brůha, Jan ; Slobodyan, Sergey (advisor) ; Zamulin, Oleg (referee) ; Cobham, David (referee)
This dissertation is a sample of my research on macroeconomic aspects of the transition process in the Central European countries. During my doctoral studies, I have been especially interested in two issues: (1) environmental regulation and policy and (2) macroeconomic convergence. The first paper The decomposition and econometric analysis of air emissions in a transition country: the case of the Czech Republic is from the field of environmental economics and is empirically oriented. It analyzes air emissions of four classical pollutants in the Czech Republic during the transition period. The next three papers are macroeconomic papers based on theoretical modeling. The paper Real Exchange Rate in Emerging Economies: The Role of Different Investment Margins (written jointly with Jiří Podpiera) inquires about the mechanism of the strong pace of the real exchange rate appreciation observed in Central European transition economies. The paper introduces a quality investment margin and shows that the margin is needed for replicating the observed pace of the real exchange rate appreciation. The paper basically compares the steady state of the model for various levels of development of a converging country. The next paper The Dynamics of Economic Convergence: The Role of Alternative Investment Decisions...
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Essays on Monetary Policy and Estimation of DSGE Models
Rychalovska, Yuliya ; Slobodyan, Sergey (advisor) ; Žák, Milan (referee) ; Hlédik, Tibor (referee)
The thesis is motivated by current practice of policy conduct implemented by many monetary institutions. In particular, a new operational framework, inflation targeting, has been introduced by the most advanced central banks. In addition, DSGE models became widely used for systematic evaluation of macroeconomic effects of monetary policy and forecasting. In the first chapter of the thesis, I assess possible risks and challenges of implementing inflation targeting strategy in more complicated, but at the same time more realistic, DSGE model economies. I focus on analysis of optimal monetary policy and welfare in a DSGE model of a small open economy with multiple domestic sectors, which have different structural characteristics. The findings suggest that openness to trade as well as sector-specific features do matter for monetary policy design thus generating important implications for optimal stabilization objectives and social welfare. The ranking of simple rules indicates that flexible CPI targeting regime is able to closely replicate the optimal solution and outperform the policy of domestic inflation stabilization. Finally, the sensitivity analysis demonstrates that the presence of sectoral asymmetries may alter the relative performance of alternative policy rules. The second part of the thesis...
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Specific and general human capital in an endogenous growth model
Vourvachaki, E. ; Jerbashian, Vahagn ; Slobodyan, Sergey
In this paper, we define specific (general) human capital in terms of the occupations whose use is spread in a limited (wide) set of industries. We analyze the growth impact of an economy’s composition of specific and general human capital, in a model where education and R&D are costly and complementary activities. The model suggests that a declining share of specific human capital, as observed in the Czech Republic, can be associated with a lower rate of long run growth. We also discuss optimal educational policies in the presence of market frictions.
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