We examine optimal policy in an open-economy model with uncertainty and learning, where monetary policy actions affect …

I introduce a method to transform a T-map when agents form expectations using a misspecified learning mechanism … "Restricted Perceptions Equilibria" (RPE) of such a model are learnable under adaptive learning. I present the New Keynesian … inertia where determinacy only changes with inertia if the REE and RPE are not stable under learning. Under restricted …

by cognitive learning processes. To prove this claim a simulation model is build. This model is based on knowledge about … the cognitive learning process that has been gained in experiments. Experiments reveal the basis mechanisms of the … cognitive learning process in the context of the prisoner's dilemma game. However, for the parameters of this learning process …