from individual expectations. Subjects have no information about underlying market equilibrium equations, but can learn by … stable treatment, rational expectations (RE) yield a good description of observed aggregate price fluctuations: prices remain …

We use a large-scale representative survey of households from October 19-21 that elicits respondents' expectations … about the presidential election's outcome as well as their economic expectations to document several new facts. First … changes in economic expectations in turn are likely to affect household economic decisions. …

inferences under rational expectations, whereas the fraction of backward looking price setters increases. …

This essay links some of my own work on expectations, learning and bounded rationality to the inspiring ideas of Jean …-Michel Grandmont. In particular, my work on consistent expectations and behavioral learning equilibria may be seen as formalizations of …

We investigate the role played by the media in the expectations formation process of households. Using a novel news … of households' stated inflation expectations. In turn, in a noisy information model setting, augmented with a simple …, robust and new evidence highlighting the role of the media for understanding inflation expectations and information …

therefore paramount to a proper understanding of the role of expectations in the determination of macroeconomic outcomes. In …

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 …