asymmetric information and learning from current prices. In such models, traders are asymmetrically informed about the …

The adaptive learning has primarily focused on decreasing gain learning and constant gain learning. As pointed out … theoretically by Marcet and Nicolini (2003) and empirically by Milani (2007) an endogenous learning mechanism may explain key … those papers in addition to proposing an alternative endogenous learning algorithm. The proposed algorithm outperforms the …

variety of monetary policy rules under an endogenous learning algorithm proposed by Marcet and Nicolini (2003). The results …

possible convergence of adaptive learning processes. Results obtained using recursive least squares lead to the conjecture that … model and an alternative learning procedure that such a conjecture would be incorrect: there exist learning procedures that …

in this model. This note shows that these additional equilibria are always unstable under learning. This is true for both … eductive learning following Guesnerie [2002] and adaptive learning via leastsquares estimation (cf. Marcet and Sargent [1988 … clear cut, since this equilibrium might be unstable under eductive learning while it is always stable under adaptive …

(X), provided F´(X)> 1. We show that there exist Markov SSEs that are E-stable, and therefore locally stable under adaptive learning …