This paper models expectation formation by taking into account that agents produce heterogeneous expectations due to …

We propose behavioral learning equilibria as a plausible explanation of coordination of individual expectations and … the economy. The simplicity of behavioral learning equilibria makes coordination of individual expectations on such an …

stability conditions for convergence when there are indeterminacies, bubbles, multiple steady states, cycles or sunspot … roles. First, it provides a boundedly rational model of how rational expectations can be achieved. Secondly, learning acts … as a selection device in models with multiple REE (rational expectations equilibria). Third, the learning dynamics …

This essay links some of my own work on expectations, learning and bounded rationality to the inspiring ideas of Jean …-Michel Grandmont. In particular, my work on consistent expectations and behavioral learning equilibria may be seen as formalizations of …

We investigate the role played by the media in the expectations formation process of households. Using a novel news … of households' stated inflation expectations. In turn, in a noisy information model setting, augmented with a simple …, robust and new evidence highlighting the role of the media for understanding inflation expectations and information …

, recurring bubbles arise, where the price is 3 times larger than the fundamental value, which were not seen in former experiments. …