The combination of learning and depletion in non-renewable resource markets adds significant volatility to commodity … sensitive price is to supply. Learning leads to changes in these perceptions and hence the revision of depletion plans, which …

We introduce learning into a Hotelling model of a non-renewable resource market. By combining learning and scarcity we … add significantly to the dynamics implied by learning and substantially enhance the volatility of commodity prices. In our … learning model we show how a self confirming equilibrium exists but is not constant over time. As scarcity increases the SCE …

, even though at first sight the markets appear to be only weakly related. We allow for multiple equilibria and learning …

policy-makers' preferences, and rely on a perpetual learning technology to form expectations. We find that with learning … from those implied by rational expectations, even at long horizons. The presence of learning increases the sensitivity of … the policy-maker. In contrast, under learning, private inflation expectations follow a time-varying process and provide …

policymakers' preferences, and rely on a perpetual learning technology to form expectations. We find that with learning … from those implied by rational expectations, even at long horizons. The presence of learning increases the sensitivity of … the policy maker. In contrast, under learning, private inflation expectations follow a time-varying process and provide …

We examine optimal policy in a two-country model with uncertainty and learning, where monetary policy actions affect … because of the interaction between the home and foreign central banks. In a two-country symmetric equilibrium, learning is …

We respond to the challenge of explaining the Great Inflation by building a coherent framework in which both learning … improves our ability to explain the Great Inflation with a learning model. Bayesian MCMC estimation results are encouraging and …

policy-makers, learning from the experience of the 1970s, eschewed activist policies in favour of policies that concentrated …

uncertainty, that there is a learning cost associated with interest rate reversals. A policy that frequently reverses the interest … monetary policy internalizes this learning cost and therefore has a lower number of interest rate reversals. The incentive to …