, a simple mean-variance asset pricing model, a general equilibrium two-period overlapping generations model with …

, optimal monetary policy under commitment is associated with a determinate rational expectations equilibrium that is stable … central bank has to be sufficiently inflation rate averse for the rational expectations equilibrium to have the same …

additional equilibria differ in some important respects fromthe usual equilibrium of the GrossmanStiglitz type which still exists …] or Evans and Honkapohja [2001]). Regarding the original GrossmanStiglitz type equilibrium, the stability results are less … clear cut, since this equilibrium might be unstable under eductive learning while it is always stable under adaptive …

equilibrium exists characterized by high persistence and excess volatility, and it is stable under learning. In a second …

This paper investigates the learnability of an equilibrium where agents formulate their forecasts under adaptive … learning with heterogeneously misspecified econometric models; the equilibrium is called a Heterogeneous Misspecification … Equilibrium (HME). The paper finds that the learnability condition of the HME is equal to or less than the condition of the …

, implementation of price-level targeting to achieve learning stability of the optimal RE equilibrium and whether, under learning …

framework (see, e.g. Giraud and Weyers, 2004) we add two key ingredients: First, default is allowed at equilibrium by means of … heterogeneous beliefs were eliminated from the market (although default is possible at equilibrium) but because they have taken time … allocations, and for any degree of precision, there is a perfect Bayesian equilibrium in which patient players learn the realized …

framework (see, e.g. Giraud and Weyers, 2004) we add two key ingredients: First, default is allowed at equilibrium by means of … heterogeneous beliefs were eliminated from the market (although default is possible at equilibrium) but because they have taken time … allocations, and for any degree of precision, there is a perfect Bayesian equilibrium in which patient players learn the realized …