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Theories of learning and economic policy

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dc.contributor.authorEvans, George W.
dc.date.accessioned2022-02-11T11:30:11Z
dc.date.available2022-02-11T11:30:11Z
dc.date.issued2021-07-09
dc.identifier.citationEvans , G W 2021 , ' Theories of learning and economic policy ' , Revue d'Economie Politique , vol. 131 , no. 3 , pp. 583-608 . https://doi.org/10.3917/redp.313.0265en
dc.identifier.issn0373-2630
dc.identifier.otherPURE: 275214606
dc.identifier.otherPURE UUID: 5c979c6d-f6ae-4b82-a776-e8f292468659
dc.identifier.otherRIS: urn:72C990CA7E91EB800105AE9D8F86A527
dc.identifier.otherScopus: 85109820887
dc.identifier.otherWOS: 000810343500011
dc.identifier.urihttps://hdl.handle.net/10023/24854
dc.description.abstractThe benchmark rational expectations (RE) assumption both assumes an unrealistic degree of rationality for economic agents and fails to address how agents would come to coordinate on an equilibrium. This essay reviews how theories of learning, and more specifically adaptive learning, address these issues and can lead to policy conclusions distinct from those obtained under RE. Applications discussed include monetary policy in New Keynesian models, the neo-Fisherian policy view, inflation targets, hyperinflation models, and macroeconomic policy to avoid stagnation at the zero lower bound.
dc.format.extent26
dc.language.isoeng
dc.relation.ispartofRevue d'Economie Politiqueen
dc.rightsCopyright 2021 Editions Dalloz. This work has been made available online in accordance with publisher policies or with permission. Permission for further reuse of this content should be sought from the publisher or the rights holder. This is the author created accepted manuscript following peer review and may differ slightly from the final published version. The final published version of this work is available at https://doi.org/10.3917/redp.313.0265en
dc.subjectBounded rationalityen
dc.subjectExpectational coordinationen
dc.subjectFiscal policyen
dc.subjectLearningen
dc.subjectMonetary policyen
dc.subjectStabilityen
dc.subjectHB Economic Theoryen
dc.subjectIen
dc.subjectACen
dc.subject.lccHBen
dc.titleTheories of learning and economic policyen
dc.typeJournal articleen
dc.description.versionPostprinten
dc.contributor.institutionUniversity of St Andrews. School of Economics and Financeen
dc.identifier.doihttps://doi.org/10.3917/redp.313.0265
dc.description.statusPeer revieweden


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