interest rate rule, raising the possibility of inefficient fluctuations due to the dependence of expectations on extraneous … under private agent learning can in some cases be stable when the observed sunspot has a suitable time series structure. In … combine forward looking expectations and predetermined variables. We consider a variety of specifications that incorporate …

requirement that the underlying rational expectations equilibrium is locally indeterminate. We suggest ways in which policymakers …

interest rate rule, raising the possibility of inefficient fluctuations due to the dependence of expectations on extraneous … under private agent learning can in some cases be stable when the observed sunspot has a suitable time series structure. In … combine forward looking expectations and predetermined variables. We consider a variety of specifications that incorporate …

solutions under adaptive learning, focusing on "common factor" or "resonant frequency" representations in which the observed …

requirement that the underlying rational expectations equilibrium is locally indeterminate. We suggest ways in which policymakers …

interest rate rule, raising the possibility of inefficient fluctuations due to the dependence of expectations on extraneous … under private agent learning can in some cases be stable when the observed sunspot has a suitable time series structure. In … combine forward looking expectations and predetermined variables. We consider a variety of specifications that incorporate …

to fundamental equilibria. learning, recurrent hyperinflations, and macroeconomic policy to combat liquidity traps and …

A striking implication of the replacement of adaptive expectations by Rational Expectations was the "Lucas Critique … simple adaptive expectations.We show that for a range of processes, monetary policy remains subject to the Lucas critique …

agents forecast using adaptive learning. Because of the zero lower bound on interest rates, active interest rate rules are … learning dynamics we find the additional possibility of a liquidity trap, in which the economy slips below this low inflation …

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 chapter provides a survey of the recent work on learning in the context of macroeconomics. Learning has several …