individual behavior studied in the literature. This is an important issue that has not been given much attention in the learning … literature. In this paper, we study the behavior of Individual Evolutionary Learning model (Arifovic and Ledyard, 2003) in the …

Most studies of optimal monetary policy under learning rely on optimality conditions derived for the case when agents …, and makes active use of, the learning algorithm agents follow in forming their expectations. In this setup, monetary … policy can influence future expectations through its effect on learning dynamics, introducing an additional tradeoff between …

. In recent years there has been an increasing interest in learning and adaptive behaviour including simulation models. In …

, even though at first sight the markets appear to be only weakly related. We allow for multiple equilibria and learning …

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. …

productivity can result from formal R&D effort and from learning by doing. However, during the latter half of the 20th century …, increased technological complexity has made passive learning more difficult. We argue that firms have consequently substituted R …&D for learning and, because skilled workers can overcome the challenges of learning in a more complex environment more …

rules, one linear and the other non-linear. Under the first rule, learning tends to be rapid and complete. Under the second …, learning can generate persistent exchange rate dynamics. …

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