This paper considers a sticky price model with a cash-in-advance constraint where agents
forecast inflation rates with the help of econometric models. Agents use least-squares …

This paper analyzes the quantitative importance of adaptive learning in business cycle
fluctuations. We first introduce adaptive learning in a real business cycle model and a New …

We provide conditions under which a general, reduced-form class of real business cycle
(RBC) models has rational expectations equilibria that are both indeterminate and stable …

We include learning in a standard equilibrium business cycle model with explicit growth. We
use the model to study how the economy's agents could learn in real time about the …

Recent research shows that several DSGE models provide a closer fit to the data under
adaptive learning. This paper extends this research by introducing adaptive learning in the …

We examine stability under learning of sunspot equilibria in Real Business Cycle type
models with indeterminacies. Our analysis emphasizes the importance of examining …

We consider the effects of global sunspot fluctuations in a growth model with externalities,
where the Pareto-inferior steady state (poverty trap) is indeterminate. A global (not restricted …

This paper presents a one-sector business cycle model with variable capacity utilization and
externalities that stem from aggregate economic activity. It uses a new formulation of the …

My research studies the interaction between information frictions and liquidity in
macroeconomies. In particular, I consider dynamic environments characterized by two key …

Recent research shows that several DSGE models provide a closer fit to the data under
adaptive learning. This paper extends this research by introducing adaptive learning in the …