Neural networks are ‘powerful tool’ for non-linear analysis – paper
Machine learning technique highlights downsides to inflation target ranges
Neural networks, a type of machine learning, are a “practical and powerful tool” for studying non-linear dynamics in macroeconomics, new research finds.
The authors, Julian Ashwin, Paul Beaudry and Martin Ellison, build on the growing literature on the use of neural networks in modelling, showing that they can be used to solve models and as an “equilibrium selection device”.
In a working paper published by the US National Bureau of Economic Research, the authors apply a neural network to a
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