is not only a way to hedge oneself against uncertainty and to smooth consumption across time: It also enables learning … information. We focus on learning equilibria, at the end of which no player has incorrect beliefs because they have taken time to …

expectations, have incomplete information about the working of the economy and form expectations through an adaptive learning … expectations and of learning. The main findings are the followings: (i) under learning, price dynamics in 2015-16 is on average 0 … repeated deflationary shocks; (ii) the learning process implies a (data-driven) de-anchoring of inflation expectations from the …

benefits and limitations of central bank communications in a model of imperfect knowledge and learning. It is shown that the …