distinguish between these two shocks and, under incomplete learning, private perceptions of the inflation target will not equal …

This paper introduces adaptive learning and endogenous indexation in the New-Keynesian Phillips curve and studies … adaptive learning lowers the cost of disinflation. This reduction can be exploited by a gradual approach to disinflation. Firms …

shows that agents' learning and the dynamics of the economy are heavily affected by central bank transparency about its … policy rule. A central bank that does not communicate its rule can induce 'learning equilibria' in which the economy …

losses are outweighed by short term gains from the learning phase. …

This paper introduces adaptive learning and endogenous indexation in the New-Keynesian Phillips curve and studies … adaptive learning lowers the cost of disinflation. This reduction can be exploited by a gradual approach to disinflation. Firms …

This paper investigates the performances of an inflation targeting regime in a learning economy whose functioning is …, we assume that their behaviour is guided by simple rules of thumb – or heuristics – while a continuous learning process … learning behaviour. Finally, the central bank implements an inflation targeting regime via a monetary policy rule. Our aim is …

This paper investigates the performances of an inflation targeting regime in a learning economy, whose functioning is … -- or heuristics -- while a continuous learning process governs the evolution of those simple rules. Departures from the … rational expectations equilibrium endogenously arise from those learning rules. Subsequently, the central bank implements an …

active learning possibilities has effects on the optimal interest rate rule followed by the central bank. For a wide range of …