NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Expectations, Learning and Business Cycle Fluctuations

Stefano Eusepi, Bruce Preston

NBER Working Paper No. 14181
Issued in July 2008

---- Acknowledgements -----

The authors thank seminar participants at the Australasian Workshop in Macroeconomic Dynamics 2008, Australian National University, Columbia University, ESSIM 2008, Federal Reserve Bank of Atlanta, Northwestern University, Society of Economic Dynamics 2007, Society of Computational Economics 2008, Universitat Automoma and CREI-Universitat Pompeu Fabra. We thank Albert Marcet, Kristoffer Nimark, Jaume Ventura and particularly Florin Bilbiie for useful conversations and comments. The views expressed in the paper are those of the authors and are not necessarily reflective of views at the Federal Reserve Bank of New York or the Federal Reserve System. The usual caveat applies. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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