three investor groups. Moreover, investment experience and age have a significant impact on the degree of overconfidence … the impact of experience on behavior in (financial) markets …

experts and the learning (or “absorptive”) capacity of the domestic economy. …

effect of surprise inflation on aggregate demand. We derive the optimal policy under active learning and compare it to two … limiting cases---certainty equivalence policy and cautionary policy, in which learning takes place passively. Our novel result … is that the two passive learning policies represent an upper and lower bound for the active learning policy, irrespective …

We analyze determinacy and stability under learning (E-stability) of rational expectations equilibria in the Blanchard …

learning (DOP) and compare it two limiting cases---certainty equivalence policy (CEP) and cautionary policy (CP). It turns out …