played by human beings. In line with theory, the experiment does not allow the formulation of a clear preference in favor of … all participants but with ambiguity (partial transparency). We show that, in theory, both communication strategies are … reducing the degree of transparency. We run a laboratory experiment to test whether theoretical predictions hold in a game …

infinite-horizon learning, and subjective expectations with Euler-equation learning. Under rational expectations, the model … necessitates of large, possibly unrealistically so, degrees of myopia. The same result persists under infinite-horizon learning …, given that agents are still remarkably far-sighted. But, under Euler-equation learning, the model can fit the data with only …

infinite-horizon learning, and subjective expectations with Euler-equation learning. Under rational expectations, the model … necessitates of large, possibly unrealistically so, degrees of myopia. The same result persists under infinite-horizon learning …, given that agents are still remarkably farsighted. But, under Euler-equation learning, the model can fit the data with only …

We introduce Behavioral Learning Equilibria (BLE) into a multivariate linear framework and apply it to New Keynesian … Rational Expectations (REE), BLE, and constant gain learning models shows that the BLE model outperforms the REE benchmark and … is competitive with constant gain learning models in terms of in-sample and outof-sample fitness. Sample …

We study the impact of adaptive learning for the design of a robust monetary policy using a small open-economy New … with model misspecification. Learning induces an intertemporal trade-off for the central bank, i.e., stabilizing inflation … possibility to conduct robust monetary policy is limited in a small open economy under learning for any exchange rate pass …

information is subject to multipliereffects inherent to social learning. We build upon the static case, where all agents receive a … dissemination of public information is thus considerably lower than the static case suggests. If the social learning signal is …

information is subject to multiplier effects inherent to social learning. We build upon the static case, where all agents receive … dissemination of public information is thus considerably lower than the static case suggests. If the social learning signal is …

test the opposing theoretical predictions in a learning-to-forecast experiment. In line with the behavioral model, the …