rational expectations. This paper relaxes the assumption of rational expectations and it allows for learning instead. Economic … agents form expectations from simple models and update the parameters through constant-gain learning. I estimate the model by …This paper estimates a DSGE model with learning to re-examine the evidence on time variation in post-war U.S. monetary …

updating their beliefs through constant-gain learning. In each period, however, they may form expectations that fall above or … expectations is relaxed. The paper exploits, instead, observed data on expectations in the estimation. The observed expectations … are assumed to be formed from a near-rational learning model. Agents are endowed with a perceived law of motion that …

assumption of rational expectations and assumes that economic agents learn over time and form near-rational expectations from … traditional ``wealth effect" and through its impact on agents' expectations. Monetary policy decisions also affect and are … fluctuations have had important effects on output expectations. Shocks in the stock market can account for a large portion of …

demand and supply in the model. The assumption of rational expectations is relaxed in favor of learning. Oil prices … estimated learning dynamics indicates that economic agents' perceptions about the effects of oil prices on the economy have … effects after the mid-1980s. Since expectations play a large role in the determination of output and inflation, the effects of …

This paper investigates the performances of an inflation targeting regime in a learning economy framed as an Agent … rules of thumb – or heuristics – while a continuous learning process governs the evolution of those rules. Under these … rational expectations, and study the role that a central bank, implementing an inflation targeting regime via a monetary policy …

rational expectations equilibrium endogenously arise from those learning rules. Subsequently, the central bank implements an …This paper investigates the performances of an inflation targeting regime in a learning economy, whose functioning is … expectations in that respect, agents are supposed to adopt economic forms of behaviour that are guided by simple rules of thumb …

Previous literature has shown that, in a New Keynesian model, an expectations based policy rule induces E-stability of … fundamentals, which can also achieve stability of equilibrium under learning. This policy has parameters that evolve over time and …