about the true structure of the economy. Private agents rely on an adaptive learning technology to form expectations and … learning and misperceptions of natural rates call for more aggressive responses to inflation that would be optimal under … potential misspecification of private sector learning and the magnitude of variation in natural rates. …

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 …

policymakers, learning from the experience of the 1970s, eschewed activist policies in favor of policies that concentrated on the …

of the structure of the economy is imperfect and an adaptive learning technology is available to the policymaker and … learning to form expectations. We show that policies that are efficient under rational expectations are no longer efficient …

private agents' learning process, determines the speed at which the economy converges to the rational expectation equilibrium … convergence. I assess the relevance of the transition period from the learning to the rational expectations equilibrium when …