Expectations, Asset Prices, and Monetary Policy: The Role of Learning

Simon Gilchrist, Masashi Saito

NBER Working Paper No. 12442
Issued in August 2006

---- Acknowledgments ----

We thank Michael Woodford, John Campbell, participants at the NBER Asset Prices and Monetary Policy Conference, and the staff at the Bank of Japan for comments and suggestions. The views expressed in this paper are those of the authors and do not necessarily reflect the official views of the Bank of Japan.

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