An accessible description of modern macroeconomics, and a defense of its policy relevance.
Macroeconomists have been caricatured either as credulous savants in love with the beauty …

New evidence suggests that individuals “learn from experience,” meaning they learn from
events occurring during their lives as opposed to the entire history of events. Moreover, they …

Two types of agents have diverse beliefs about the law of motion for an exogenous
endowment. One knows the true process, and the other learns about it via Bayes' theorem …

Most of peer-to-peer (P2P) online borrowers are small business managers. Learning
behavior of them is under-analyzed in the literature of P2P online lending. Using a large …

We propose a new welfare criterion that allows us to rank alternative financial market
structures in the presence of belief heterogeneity. We analyze economies with complete and …

In this dissertation, I consider a range of topics related to the role played by information in
modern asset pricing theory. The primary research focus is twofold. First, I synthesize …

We propose that confirmation on economics models has a distinctive two-layered espistemic
structure. That is, we analyze that the econometrician as the outside observer interferes with …

The purpose of this thesis is to evaluate the performance of a macrofinance model equipped
with Epstein-Zin utility, learning and disasters. The observed high price of risk in the United …

This thesis is composed by five chapters. Chapter 1 presents a new Keynesian open
economy model that includes risk-adverse foreign-exchange market dealers and foreign …

Constant-gain learning (CGL) models replace the assumption of model-consistent
expectations by a near-rational expectation formation mechanism in which the agents …