Genetic algorithms and inflationary economies

Article Abstract:

The overlapping generations economies in which agents employ genetic algorithms to learn correct decision rules, are examined. Results from computer simulations indicate that a genetic algorithm converges to the unique monetary steady state in case of a constant money supply policy and to the low-inflation stationary equilibrium in case of a constant real deficit financed through seignorage. The characteristics of genetic algorithm adaptation are contrasted with the ability of other learning algorithms.

Evaluation, Algorithms, Learning, Teaching models

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Banks' demand for reserves when future monetary policy is uncertain

Article Abstract:

A model developed to study the implications of revolving securities repurchase agreements by many European central banks underscores the function of a central bank's monetary policy in influencing money market conditions. A wavering or determined attitude of the central bank in its monetary policy determines the banks' need for borrowed reserves which in turn affects the setting of interest rates between the interbank money market.

Commercial Banks, Investment Banking and Securities Dealing, Bank Money Market Funds, Research, Money market funds, Repurchase agreements, Money market accounts

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