Saddlepath learning occurs when agents know the form but not the coefficients of the sad?dlepath relationship defining … rational expectations equilibrium. Under saddlepath learning, we obtain a completely general relationship between determinacy … system is determinate, we show that a learning process based on the saddlepath is always e-stable. When the system is …

the existing literature, which typically focuses on the learning of private agents during a disinflation.  We build a …

We introduce learning into a Hotelling model of a non-renewable resource market. Bycombining learning and scarcity we … add signi?cantly to the dynamics implied by learning and substantially enhance the volatility of commodity prices. In our … learning model we show how a self con?rming equilibrium exists but is not constant over time. As scarcity increases the SCE …

Saddlepath learning occurs when agents learn adaptively using a perceived law of motion that has the same form as the … saddlepath relationship in rational expectations equilibrium.  Under saddlepath learning, we obtain a completely general … information.  When the system is determinate, we show that a learning process based on the saddlepath is always e-stable.  When …

The combination of learning and depletion in non-renewable resource markets adds significant volatility to commodity … sensitive price is to supply. Learning leads to changes in these perceptions and hence the revision of depletion plans, which …

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

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

: rational expectations and learning. We show that in this environment the ability to stabilize the real side of the economy is … private learning and misperceptions of natural rates call for greater policy inertia, a more aggressive response to inflation … economy. We show that such policies are quite robust to potential misspecification of private sector learning and the …

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

from the existing literature, which typically focuses on the learning of private agents during a disinflation. We build a …