is on a rational learning path concerning the real consumption growth process can generate high equity premia and low … levels of risk aversion. Even ruling out pessimistic beliefs, recursive learning inflates the equity premium without …

"We include learning in a standard equilibrium business cycle model with explicit growth. We use the model to study how … our model. However, we also find that the addition of learning and occasional structural breaks to the standard and widely …

"This paper characterizes equilibrium asset prices under adaptive, rational and Bayesian learning schemes in a model … where dividends evolve on a binomial lattice. The properties of equilibrium stock and bond prices under learning are shown … to differ significantly compared with prices under full information rational expectations. Learning causes the discount …

"This paper develops a two-country OLG model under the assumption that investors are on a Bayesian learning path. While … concerning foreign fundamentals. On a learning path, differences in beliefs and estimation risk generate portfolio biases similar …