realistic assumption of boundedly rational learning where agents are assumed to use only a limited set of information to form … differences in the adjustment path to the shocks to the economy when agent form expectations using our learning approach compared …

learning, choosing among a set of alternative forecasting models. The analysis is accompanied by empirical evidence on the …

expectations by Bayesian learning based on observations from their own lifetimes. In this model, the stock price exhibits … approximated by a representative-agent model with constant-gain learning, where the gain parameter is related to the survival rate …. - Learning from experience ; OLG ; asset pricing ; bubbles ; heterogeneous agents …

We provide a new theory of expectations-driven business cycles in which consumers' learning from prices dramatically … alters the effects of aggregate shocks. Learning from prices causes changes in aggregate productivity to shift aggregate …