about the true structure of the economy. Private agents rely on an adaptive learning technology to form expectations and … learning and misperceptions of natural rates call for more aggressive responses to inflation that would be optimal under … potential misspecification of private sector learning and the magnitude of variation in natural rates. …

policymakers, learning from the experience of the 1970s, eschewed activist policies in favor of policies that concentrated on the …

characteristics of inflation targeting: transparency, commitment to maintaining price stability, and close monitoring of inflation …