It is common to analyze the effects of alternative monetary policy commitments under the assumption of fully model-consistent expectations. This implicitly assumes unrealistic cognitive abilities on the part of economic decision makers. The relevant question, however, is not whether the...

This paper is devoted to the role of information context in the dynamics of consumption/savings decisions. The deviations from the traditional model of rational expectations are investigated, and the hypotheses of the «rational inattention» are tested. The basis for the study was a selection...

This work challenges the very notion of bounded rationality as dangerously too near to some "unbounded rationality" used as a benchmark. Should we assume that there is an "unbounded" rationality as a benchmark? Should one start, in order to describe and interpret human behaviour, from a model...