with experience. We then reject increasing confidence in private information or learning about the structure of the … data. The motivation for signalling is consistent with wanting to control inflation expectations, but not career concerns …

-motivated reputation building may be important for explaining dynamics in experts' policy choices. -- signalling ; learning ; monetary … with experience. We then reject increasing confidence in private information or learning about the structure of the … data. The motivation for signalling is consistent with wanting to control inflation expectations, but not career concerns …

reunification. A policy that separates learning from control may induce a persistent upward bias in money growth and inflation, just … as observed after unification. In contrast, the optimal learning strategy which exploits the tradeoff between control and …

Experience-Based Learning (EBL) that renders expectations heterogeneous across age groups. Under EBL, the age …

effect of surprise inflation on aggregate demand. We derive the optimal policy under active learning and compare it to two … limiting cases-certainty equivalence policy and cautionary policy, in which learning takes place passively. Our novel result is … that the two passive learning policies represent an upper and lower bound for the active learning policy, irrespective of …

under private agent learning can in some cases be stable when the observed sunspot has a suitable time series structure. In …