, similar to what can be observed in the data. Estimating the model on U.S. stock price data using the method of simulated …

time separable preferences strongly improves empirical performance. Learning causes momentum and mean reversion of returns … restrict consideration to learning schemes that imply only small deviations from full rationality. The findings are robust to … the particular learning rule used and the value chosen for the single free parameter introduced by learning, provided …

the help of econometric models. Agents use least squares learning to estimate two competing models of which one is … consistent with rational expectations once learning is complete. When past performance governs the choice of forecast model … output and inflation match U.S. data surprisingly well. …

time separable preferences strongly improves empirical performance. Learning causes momentum and mean reversion of returns … restrict consideration to learning schemes that imply only small deviations from full rationality. The findings are robust to … the particular learning rule used and the value chosen for the single free parameter introduced by learning, provided …