Bullard, J.B.; Suda, J. - Banque de France - 2011
literature on recursive learning and expectations, we replace the agents in the economy with econometricians. Unlike the … recursive learning literature, however, the econometricians in the analysis here are Bayesian learners. We are interested in the … recursive learning. We conclude that Bayesian learning schemes, while they are more sophisticated, do not alter the essential …
