This chapter provides a survey of the recent work on learning in the context of macroeconomics. Learning has several … roles. First, it provides a boundedly rational model of how rational expectations can be achieved. Secondly, learning acts … as a selection device in models with multiple REE (rational expectations equilibria). Third, the learning dynamics …

" parameter which converges in the limit to zero. These systems have recently been used to study the dynamics of adaptive learning …

indeterminate. Only in the latter case do there exist sunspot equilibria that are stable under adaptive learning. A sufficient …

Expectations play a central role in modern macroeconomics. The econometric learning approach, in line with the … equilibria. Further features of learning – such as discounting of older data, use of misspecified models or heterogeneous choice … by agents between competing models – generate novel learning dynamics. Empirical applications are reviewed and the roles …

Expectations play a central role in modern macroeconomics. The econometric learning approach, in line with the … equilibria. Further features of learning, such as discounting of older data, use of misspecified models, or heterogeneous choice … by agents between competing models, generate novel learning dynamics. Empirical applications are reviewed and the roles …

Expectations play a central role in modern macroeconomic theories. The econometric learning approach models economic … agents as forming expectations by estimating and updating forecasting models in real time. The learning approach provides a … stability test for rational expectations and a selection criterion in models with multiple equilibria. In addition, learning …

indeterminate. Only in the latter case do there exist sunspot equilibria that are stable under adaptive learning. A sufficient …

-referential system, we find that learning dynamics lead to selection of one of the two models. However, there are parameter regions for …

adaptive learning. We reconsider this issue and analyze the full set of solutions for the linearized model. Our main focus is … learning if agents can utilize contemporaneous data. However, in an economy populated by a mixture of agents, some of whom only …

determination of aggregate variables. We study how different forms of heterogeneity in structure, forecasts and adaptive learning … rules affect the conditions for convergence of adaptive learning towards rational expectations equilibrium. Results are …