Can an AI agent hit a moving target?

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Tác giả: Rui, Shi

Ngôn ngữ: eng

Ký hiệu phân loại: 799.3 Shooting other than game

Thông tin xuất bản: 2021

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Bộ sưu tập: Metadata

ID: 167957

I model the belief formation and decision making processes of economic agents during a monetary policy regime change (an acceleration in the money supply) with a deep reinforcement learning algorithm in the AI literature. I show that when the money supply accelerates, the learning agents only adjust their actions, which include consumption and demand for real balance, after gathering learning experience for many periods. This delayed adjustments leads to low returns during transition periods. Once they start adjusting to the new environment, their welfare improves. Their changes in beliefs and actions lead to temporary inflation volatility. I also show that, 1. the AI agents who explores their environment more adapt to the policy regime change quicker, which leads to welfare improvements and less inflation volatility, and 2. the AI agents who have experienced a structural change adjust their beliefs and behaviours quicker than an inexperienced learning agent.
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