and the economy, and it is unclear to what extent those yields have been affected by the zero lower bound. In this paper …

expectations in the economy and in the conduct of monetary policy. Agents are assumed to have imperfect knowledge of the precise … structure of the economy and the policymakers' preferences. Expectations are governed by a perpetual learning technology. With …

This paper investigates the role that imperfect knowledge about the structure of the economy plays in the formation of … learning technology to form expectations and continuously update their beliefs regarding the dynamic structure of the economy …

reference model while the true economy lies within a specified neighborhood of the reference model. In this paper, we show that … economy. We find that a robust outcome is attainable only in cases where the objective function places substantial weight on … tolerance of each model economy with respect to deviations from optimal policy. …

knowledge of the economy and continuously update their estimates of model parameters. We find that versions of the Taylor rule …

U.S. economy, estimated over the 1969-2002 period, we show that the cost of underestimating the extent of misperceptions …