Anticipated Fiscal Policy and Adaptive Learning

We consider the impact of anticipated policy changes when agents form expectations using adaptive learning rather than rational expec-tations. To model this we assume that agents combine limited struc-tural knowledge with a standard adaptive learning rule. We analyze these issues using two well-known set-ups, an endowment economy and the Ramsey model. In our set-up there are important deviations from both rational expectations and purely adaptive learning. Our approach could be applied to many macroeconomic frameworks