The dissertation examines several policy-related implications of relaxing the assumption that economic agents are guided by rational expectations. A first, introductory chapter presents the main technical issues related to adaptive learning. The second chapter studies the implications for monetary policy of positing that both the private sector and the central bank form their expectations through adaptive learning and that the central bank has private information on shocks to the economy but cannot credibly commit. The main finding of this chapter is that when agents learn adaptively a bias against activist policy arises. The following chapter focuses on large, non-linear models, where no unambiguous linear approximation eligible as p...
This paper investigates the role of learning by private agents and the central bank (two-sided learn...
Thesis advisor: Ryan ChahrourThis dissertation consists of three independent explorations of the int...
In most economic models used for theoretical exploration or policy analysis, there is a crucial role...
Expectations about the future are central for determination of current macroeconomic outcomes and th...
The benchmark rational expectations (RE) assumption both assumes an unrealistic degree of rationalit...
This paper investigates the role that imperfect knowledge about the structure of the economy plays i...
Adaptive learning is important in dynamic models since it is a process that shows the improvement in...
This paper investigates monetary policy design when central bank and private-sector expectations dif...
Abstract of associated article: We derive optimal monetary policy in a sticky price model when priva...
This paper investigates the role that imperfect knowledge about the structure of the economy plays i...
11 p.This paper develops an adaptive learning formulation of an extension to the Ball, Mankiw and R...
To conduct policy efficiently, central banks must use available data to infer, or learn, the relevan...
A new strand of macroeconomic literature examines the relationship between learning and monetary pol...
In March 2003 the Federal Reserve Bank of Atlanta hosted a conference focusing on the relationship b...
Central banks pay close attention to inflation expectations. In standard models, however, inflation ...
This paper investigates the role of learning by private agents and the central bank (two-sided learn...
Thesis advisor: Ryan ChahrourThis dissertation consists of three independent explorations of the int...
In most economic models used for theoretical exploration or policy analysis, there is a crucial role...
Expectations about the future are central for determination of current macroeconomic outcomes and th...
The benchmark rational expectations (RE) assumption both assumes an unrealistic degree of rationalit...
This paper investigates the role that imperfect knowledge about the structure of the economy plays i...
Adaptive learning is important in dynamic models since it is a process that shows the improvement in...
This paper investigates monetary policy design when central bank and private-sector expectations dif...
Abstract of associated article: We derive optimal monetary policy in a sticky price model when priva...
This paper investigates the role that imperfect knowledge about the structure of the economy plays i...
11 p.This paper develops an adaptive learning formulation of an extension to the Ball, Mankiw and R...
To conduct policy efficiently, central banks must use available data to infer, or learn, the relevan...
A new strand of macroeconomic literature examines the relationship between learning and monetary pol...
In March 2003 the Federal Reserve Bank of Atlanta hosted a conference focusing on the relationship b...
Central banks pay close attention to inflation expectations. In standard models, however, inflation ...
This paper investigates the role of learning by private agents and the central bank (two-sided learn...
Thesis advisor: Ryan ChahrourThis dissertation consists of three independent explorations of the int...
In most economic models used for theoretical exploration or policy analysis, there is a crucial role...