. Learning by shopping anchors households' beliefs about inflation to its past, causing disagreement with firms over the value of …

This paper presents an estimated model with learning and provides evidence that learning can improve the fit of popular …, developing a model that nests learning and some of the structural sources of persistence, such as habit formation in consumption … learning gain coefficient jointly with the 'deep' parameters of the economy. The empirical results show that when learning …

Experience-Based Learning (EBL) that renders expectations heterogeneous across age groups. Under EBL, the age …

the help of econometric models. Agents use least squares learning to estimate two competing models of which one is … consistent with rational expectations once learning is complete. When past performance governs the choice of forecast model …

hinder its efforts to learn. This paper examines whether real-time learning allows a central bank to learn the economy …'s underlying structure and studies the impact that learning has on the performance of optimal policies under a variety of learning … to a range of assumptions concerning private sector learning behavior. Second, when policy is set with discretion …