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

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

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 …

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