and inflation indexation, that are typically needed in monetary models with rational expectations to match the persistence … replaces rational expectations, the estimated degrees of habits and indexation drop near zero. This ?nding suggests that … persistence arises in the model economy mainly from expectations and learning. The posterior model probabilities show that the …

expectations to match the inertia in the data and to improve the fit of estimated New Keynesian Phillips curves. The empirical … results show that when learning replaces the assumption of fully rational expectations, structural sources of persistence in …

We construct a model for Bitcoin-like cryptocurrency as risky and costly bubbles in an infinite-horizon production … rational bubbles only when market distortion is severe and public sentiment is optimistic enough. On the one hand, bubbly … the data. Finally, the collapse of Bitcoin bubbles is shown to improve social welfare by decreasing distortion-driven real …

We propose behavioral learning equilibria as a plausible explanation of coordination of individual expectations and … the economy. The simplicity of behavioral learning equilibria makes coordination of individual expectations on such an …

This paper models expectation formation by taking into account that agents produce heterogeneous expectations due to …

We propose behavioral learning equilibria as a plausible explanation of coordination of individual expectations and … the economy. The simplicity of behavioral learning equilibria makes coordination of individual expectations on such an …