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 …

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 …

thinking in the first supplement. This deviation from rational expectations appears to explain the initial failure of the …

form adaptive expectations, based on an evolving individual mental model, their behaviour becomes much more interesting in … indicate that assumptions on bounded rationality, and on adaptive expectations are perfectly compatible with sound and …

standard rational expectations model. The ex-ante consumption equivalent variation that equates the expected utility of …

Experimental evidence shows that the rational expectations hypothesis fails to characterize the path to equilibrium …