-response and reinforcement learning but not under fictitious play. The simulations perform well underflat and upward-slopping supply … bidding, and also for plausible demand elasticity assumptions. Learning is influenced by the number of bids per plant and the …

approach proposed by Cogley and Sargent (2005b) to incorporate model uncertainty and learning into policy decisions. In this …

This paper investigates the role of learning by private agents and the central bank (two-sided learning) in a New … these beliefs through a statistical learning algorithm as new information becomes available. We study the short-run dynamics … demonstrate that two-sided learning can generate substantial increases in volatility and persistence, and alter the behavior of …