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

benefits and limitations of central bank communications in a model of imperfect knowledge and learning. It is shown that the …

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

We examine optimal policy in an open-economy model with uncertainty and learning, where monetary policy actions affect …

benefits and limitations of central bank communications in a model of imperfect knowledge and learning. It is shown that the …

, even though at first sight the markets appear to be only weakly related. We allow for multiple equilibria and learning …

uncertainty and learning. We find that the presence of a strategic interaction between the home and foreign central banks creates … an additional motivation for caution in monetary policy. An activist policy designed to help the learning of the home … central bank is suboptimal since it generates a strong reaction from the foreign central bank. As joint learning by the home …

policy-makers' preferences, and rely on a perpetual learning technology to form expectations. We find that with learning … from those implied by rational expectations, even at long horizons. The presence of learning increases the sensitivity of … the policy-maker. In contrast, under learning, private inflation expectations follow a time-varying process and provide …

, even though at first sight the markets appear to be only weakly related. We allow for multiple equilibria and learning …