This paper investigates what features of an economy determine whether convergence under learning is fast or slow. In … argue that under certain circumstances, convergence of a learning equilibrium to the rational expectations equilibrium can … regarding rates of convergence in learning models …

We introduce imperfect creditor protection in a multi-country version of Schumpeterian growth theory with technology … transfer. The theory predicts that the growth rate of any country with more than some critical level of financial development … long-run growth rate. The theory also predicts that in a country that converges to the frontier growth rate, financial …

We construct a Schumpeterian growth theory consistent with the divergence in per-capita income that has occurred … second half of the 20th Century. The theory assumes that technological change underwent a transformation late in the 19th …

Schumpeterian growth theory has "operationalized" Schumpeter''s notion of creative destruction by developing models … growth institutions; (iv) the emergence and impact of long-term technological waves. In each case Schumpeterian growth theory …

information collection affects equity analyst performance. Collection of hard information, proxied by office workday length, is … positively associated with the quantity and timeliness of analyst reports. Soft information collection, as proxied by propensity … star analyst. Both hard and soft information collection improve forecast precision, a causal result that we confirm using …

maker has learned? The key constraint we impose, which is shared across models of Bayesian learning, is that any learning … Dean 2015) and the NIAS condition (Caplin and Martin 2015) to allow for arbitrary learning. We apply our framework to show … how identification of what was learned can be strengthened with additional assumptions on the form of Bayesian learning …

We provide semiparametric identification results for a broad class of learning models in which continuous outcomes …

learning and policy recommendation in advisory committees. We quantify the effectiveness of advisory panels, and evaluate …