This paper shows that the Ricardian Equivalence proposition can continue to hold when expectations are not rational and … are instead formed using adaptive learning rules. In temporary equilibrium, with given expectations, Ricardian Equivalence … holds under the standard conditions for its validity under rational expectations. Furthermore, Ricardian Equivalence holds …

We consider the impact of anticipated policy changes when agents form expectations using adaptive learning rather than … rational expectations. To model this we assume that agents combine limited structural knowledge with a standard adaptive …-up there are important deviations from both rational expectations and purely adaptive learning. Our approach could be applied …

What is the impact of surprise and anticipated policy changes when agents form expectations using adaptive learning … rather than rational expectations? We examine this issue using the standard stochastic real business cycle model with lump …-shaped response, and tend to be prominently characterized by oscillations not present under rational expectations. These fluctuations …

What is the impact of surprise and anticipated policy changes when agents form expectations using adaptive learning … rather than rational expectations? We examine this issue using the standard stochastic real business cycle model with lump …-shaped response, and tend to be prominently characterized by oscillations not present under rational expectations. These fluctuations …

gold standard during the 1930s. We do this by separating expectations of taxation and of devaluation that are implicitly … expectations of a capital levy or other taxation devices; third that hyperinflation was not expected, even at the moment of maximum … low as the spot value. For the 1930s, we show that expectations of a depreciation of the franc explain the rise in …

candidate is expectations: what people expect could affect how they feel about what actually occurs. In a real-effort experiment …, we manipulate the rational expectations of subjects and check whether this manipulation influences their effort provision …-based reference-dependent preferences: if expectations are high, subjects work longer and earn more money than if expectations are low. …

and monetary policies proposed by Leeper (1991), for stability under learning of the rational expectations equilibria (REE …