from the existing literature, which typically focuses on the learning of private agents during a disinflation. We build a …

uncertainty and learning. We find that the presence of a strategic interaction between the home and foreign central banks creates … an additional motivation for caution in monetary policy. An activist policy designed to help the learning of the home … central bank is suboptimal since it generates a strong reaction from the foreign central bank. As joint learning by the home …

has been in a boom and firms share an optimistic belief. The cyclicality of the aggregate learning outcome is moderated by … learning from equilibrium prices acts to stabilize fluctuations by discouraging information acquisition, it can be welfare …

Expectations play a central role in modern macroeconomics. The econometric learning approach, in line with the … equilibria. Further features of learning – such as discounting of older data, use of misspecified models or heterogeneous choice … by agents between competing models – generate novel learning dynamics. Empirical applications are reviewed and the roles …