adaptive expectations and partial adjustment mechanisms. The paper demonstrates the difficulty of interpreting distributed lag …

rational expectations. This paper relaxes the assumption of rational expectations and it allows for learning instead. Economic … agents form expectations from simple models and update the parameters through constant-gain learning. I estimate the model by …

expectations to match the inertia in the data and to improve the fit of estimated New Keynesian Phillips curves. The empirical … results show that when learning replaces the assumption of fully rational expectations, structural sources of persistence in …

and inflation indexation, that are typically needed in monetary models with rational expectations to match the persistence … replaces rational expectations, the estimated degrees of habits and indexation drop near zero. This finding suggests that … persistence arises in the model economy mainly from expectations and learning. The posterior model probabilities show that the …

This paper investigates whether expectations of trustworthiness and resulting acts of trust accord with an objective …

maturities. An empirical examination reveals that survey expectations about in°ation, output growth and the anticipated path of …-looking monetary policy rule support the assertion that the central bank preemptively reacts to in°ationary expectations while … suggesting patience in accommodating real output growth expectations. Models of this type may provide traders and policymakers …

taxes when financed either raising capital taxation or reducing unemployment subsidies. We find two main results: (i) with …