On Market Dependencies of Agents' Learning for a Hyperinflation Model

This paper discusses an economic model for hyperinflation considered by Marcet and Sargent. The model describes the relation between the current price level, the money supply, and the agents' forecasting of the future price. The agents' learning is described by an ARMA-model which is fitted to the available series of old prices. It is shown that the agents' learning rate depends upon the inertia of the market, and an implicit formula is given for this dependence. A generalization of the hyperinflation model is also discussed

Convergence Rates of Agents' Learning in Macroeconomic Models

This paper discusses agents' learning on a market. The price level evolves through a multivariable autoregressive model, which the agents learn in a least-squares sense. A theorem is stated that shows how the agents' learning might be divided into two classes with respect to the learning convergence rate. The results are exemplified by the well-known hyperinflation model. Further, for the hyperinflation model some interesting features concerning the "coupling" between the price and the learning dynamics are discussed. An explicit expression is derived for how the rate of the agents' learning depends upon this coupling

String stability and a delay-based spacing policy for vehicle platoons subject to disturbances

A novel delay-based spacing policy for the control of vehicle platoons is introduced together with a notion of disturbance string stability. The delay-based spacing policy specifies the desired inter-vehicular distance between vehicles and guarantees that all vehicles track the same spatially varying reference velocity profile, as is for example required for heavy-duty vehicles driving over hilly terrain. Disturbance string stability is a notion of string stability of vehicle platoons subject to external disturbances on all vehicles that guarantees that perturbations do not grow unbounded as they propagate through the platoon. Specifically, a control design approach in the spatial domain is presented that achieves tracking of the desired spacing policy and guarantees disturbance string stability with respect to a spatially varying reference velocity. The results are illustrated by means of simulations.Comment: 15 pages, 10 figure