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 learning rule. We analyze these issues using two...

The Republic of Kazakhstan is the largest economy in central Asia, and one of the fastest growing in the region. Having benefited from oil wealth as well as a diversifying and liberalised economy, Kazakhstan envisages a progressive modernisation of the political, administrative and juridical...