Based on a new survey of German households, we investigate the role that information channels and lifetime experience … experience of these variables. Similarly, the expected response of inflation to a change in the interest rate is also shaped by … experience. We propose the interpretation that households obtain inflation numbers from the media, but their 'economic model' is …

We examine the dynamic role of education and experience as determinants of wages. It is hypothesized that an employee … market experience and increase with initially unobserved ability, since the employer gradually obtains better information on …

extrapolate their experience too much and make predictable forecasting errors. Moreover, firms do not seem to anticipate the …