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 …

This paper introduces adaptive learning and endogenous indexation in the New-Keynesian Phillips curve and studies … adaptive learning lowers the cost of disinflation. This reduction can be exploited by a gradual approach to disinflation. Firms …

incorporates learning and a regime switch with time-varying transition probabilities. If a given regime represents a riskier …

. Learning about the transmission process of monetary policy is introduced by having heterogeneous agents - i.e. the central bank …. Here following Evans and Honkapohja (2001), the learning scheme we investigate is that of least-squares learning (recursive … OLS) using the Kalman filter. We find that optimal monetary policy under learning is a policy that separates estimation …

been the subject of much debate. This paper investigates the role of culture as learning in this change. To do so, it … women who work in the market versus the home. These beliefs evolve rationally via an intergenerational learning process … what is found in the data. The S shape results from the dynamics of learning. I calibrate the model to several key …