productive workers, static advantages associated with workers' current location, and learning by working in big cities. Using …

becomes a more accurate signal of their ability. Elections reduce the learning effect, and the reduction in this effect may …

, leverage, and asset prices larger than predicted under either rational expectations without learning or with learning but …

policy-makers, learning from the experience of the 1970s, eschewed activist policies in favour of policies that concentrated …

We propose a simple model of optimal stopping where the economic environment changes as a result of learning. A primary … idiosyncratic productivity distribution across firms. For the first model, we show that learning leads to higher wage demands by the … workers. In the second model, we give sufficient conditions so that learning leads to higher wage demands for optimistic …

models of expectations formation that rely on econometric learning. Some apparently natural policy rules turn out to imply … expectational instability of private agents' learning. We use the standard New Keynesian model to illustrate this problem and survey … learning. We then consider some practical concerns such as measurement errors in private expectations, observability of …

agents forecast using adaptive learning. Because of the zero lower bound on interest rates, active interest rate rules are … learning dynamics we find the additional possibility of a liquidity trap, in which the economy slips below this low inflation …