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

explanatory power to a variety of expectation formation models by focusing on the learning factor. Whereas the rational …

aggregate variables and show how different forms of heterogeneity in structure, forecasts, and adaptive learning rules affect … the conditions for convergence of adaptive learning towards rational expectations equilibrium. Results are applied to an …

Expectations play a central role in modern macroeconomics. The econometric learning approach, in line with the … equilibria. Further features of learning, such as discounting of older data, use of misspecified models, or heterogeneous choice … by agents between competing models, generate novel learning dynamics. Empirical applications are reviewed and the roles …