economy where (i) private agents have incomplete information and form their expectations using recursive learning algorithms … of stability of the equilibrium and speed of convergence of the learning process. In particular, while the publication of … stabilize expectations and to speed up the learning process the response of the policy instrument to inflation should be …

of this announcement on private expectations about future short term interest rates. The communication of policy …

private agents' learning process, determines the speed at which the economy converges to the rational expectation equilibrium …

the agency's disposal. The paper characterizes the optimal public communication plan and shows that full transparency … communication, the amount of delay depending on the precision of private information and the size of the agency's measurement error … the welfare of the agents, it also decreases the informational content of their actions, hampering the agency's learning …