We develop a theory of low-frequency movements in inflation expectations, and use it to
interpret joint dynamics of inflation and inflation expectations for the United States and other …

We study how an agent learns from endogenous data when their prior belief is misspecified.
We show that only uniform Berk–Nash equilibria can be long‐run outcomes, and that all …

We present an approach to analyse learning outcomes in a broad class of misspecified
environments, spanning both single-agent and social learning. We introduce a novel …

Monetary policy is analyzed in a model with a potential unanchoring of inflation
expectations. The degree of unanchoring is given by how sensitively the public's long-run …

Toward explaining the persistence of biased inferences, we propose a framework to
evaluate competing (mis) specifications in strategic settings. Agents with heterogeneous …

The goal of this article is to answer two questions: Has world agricultural convergence
occurred? If not, how can this goal be fulfilled? This article introduces a model averaging …

We present an approach to analyze learning outcomes in a broad class of misspecified
environments, spanning both single-agent and social learning. Our main results provide …

Which Misperceptions persist? Page 1 Which Misperceptions persist? Drew Fudenberg and
Giacomo Lanzani Harvard University February 2021 1 / 39 Page 2 Introduction • Economic …

Gresham's law popularly states that “bad money drives out good”. It originates from
monetary policy involving coinage, but it has for years been applied in a number of areas …

We introduce Behavioral Learning Equilibria (BLE) into a multivariate linear framework and
apply it to New Keynesian DSGE models. In a BLE, boundedly rational agents use simple …