This paper surveys learning-to-forecast experiments (LtFEs) with human subjects to test
theories of expectations and learning. Subjects must repeatedly forecast a market price …

This survey discusses behavioral and experimental macroeconomics, emphasizing a
complex systems perspective. The economy consists of boundedly rational heterogeneous …

This chapter surveys heterogeneous agent models with rational expectations that deliver a
finite number of heterogeneous agents as an equilibrium outcomes. Instead of having a …

Abstract The New Keynesian theory of inflation determination is tested in this paper by
means of laboratory experiments. We find that the Taylor principle is a necessary condition …

This paper derives a general New Keynesian framework with heterogeneous expectations
by explicitly solving the micro-foundations underpinning the model. The resulting reduced …

This paper reevaluates the basic prescriptions of monetary policy design in the new
Keynesian paradigm through the lens of imperfect knowledge. We show that while the basic …

In this paper we propose novel techniques for the empirical analysis of adaptive learning
and sticky information in inflation expectations. These methodologies are applied to the …

Expectations play a crucial role in modern macroeconomic models. We consider a New
Keynesian framework under a behavioral model of expectation formation and under rational …

The recent macroeconomic literature stresses the importance of managing heterogeneous
expectations in the formulation of monetary policy. We use a simple frictionless dynamic …

We propose behavioral learning equilibria, where boundedly rational agents learn to use a
simple univariate linear forecasting rule with correctly specified unconditional mean and first …