solve a benchmark problem without learning behavior. At the date of switching, the consumption level is shown to drop, as … induced growth advantage. In a second step, we introduce learning. The learning curve involves fixed costs and incentives to … wait as well. Adoption is shown to depend on the growth advantage of switching net of obsolescence and learning fixed costs …

of the structure of the economy is imperfect and an adaptive learning technology is available to the policymaker and … learning to form expectations. We show that policies that are efficient under rational expectations are no longer efficient …

solve a benchmark problem without learning behavior. At the date of switching, the consumption level is shown to drop, as … induced growth advantage. In a second step, we introduce learning. The learning curve involves fixed costs and incentives to … wait as well. Adoption is shown to depend on the growth advantage of switching net of obsolescence and learning fixed costs …

, results depend on the learning scheme that is employed. Here, the learning scheme we investigate is that of least …-squares learning (recursive OLS) using the Kalman filter. A novel feature of a learning-based policy – as against the central bank …

, results depend on the learning scheme that is employed. Here, the learning scheme we investigate is that of least …-squares learning (recursive OLS) using the Kalman filter. A novel feature of a learning- based policy – as against the central bank …

which the central bank has to learn the private sector inflation forecasting rule.Here, the learning scheme we investigate … is that of least-squares learning (recursive OLS) using the Kalman filter.With imperfect knowledge, results depend on the … learning scheme that is employed.A novel feature of the passive learning policy - compared to the central bank s disinflation …

output gap. This differs from other studies on learning and control in a monetary policy context (e.g. Ellison (2006) and … central bank's optimal disinflation strategy under active learning (DOP) and compare it with two limiting cases - certainty … equivalence policy (CEP), or passive learning, and a Brainard-style cautionary monetary policy (CP). It turns out that under the …