more variance in the size of proposals. Children showed clear evidence of reinforcement learning, responding to a rejection …

be led to rules that generate indeterminacy and/or instability under learning. This problem is compounded by uncertainty … about structural parameters since an optimal rule that is determinate and stable under learning for one calibration may be … indeterminate or unstable under learning under a different calibration. We advocate a procedure in which policymakers restrict …

solutions under adaptive learning, focusing on "common factor" or "resonant frequency" representations in which the observed …

We examine existence and stability under learning of sunspot equilibria in a New Keynesian model incorporating inertia …

parameter regions in which these sunspots are stable under learning. However, once the parameters are restricted to coincide …

negative). We investigate whether replacing rational expectations by discounted least squares (or "perpetual") learning can … explain the result. We calculate the asymptotic bias under perpetual learning and show that there is a negative bias that … adaptive learning is potentially able to explain the forward premium puzzle. …

econometric learning is analyzed using representations that nest both types of equilibria. 2-SSEs and ergodic 2-SSEs are learnable …