Fed Reserve Bank of St Louis Review, May/Jun 2006

The latest edition of the St Louis Fed's Review for May/Jun 2006 includes the article 'The learnability criterion and monetary policy'. The paper reviews some recent research that has emphasized methods for analyzing models of learning, in which expectations are not initially rational but which may become rational.

Expectations of the future play a large role in macroeconomics. The rational expectations assumption, which is commonly used in the literature, provides an important benchmark, but may

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