{'fraction_non_alphanumeric': 0.018867924528301886, 'fraction_numerical': 0.0026954177897574125, 'mean_word_length': 5.35042735042735, 'pattern_counts': {'":': 0, '<': 0, '<?xml version=': 0, '>': 0, 'https://': 0, 'lorem ipsum': 0, 'www.': 0, 'xml': 0}, 'pii_count': 0, 'substrings_counts': 0, 'word_list_counts': {'cursed_substrings.json': 0, 'profanity_word_list.json': 0, 'sexual_word_list.json': 0, 'zh_pornsignals.json': 0}}
Recurrent Hyperin ° ations and Learning

This paper uses a model of boundedly rational learning to account for the observations of recurrent hyperin°ations in the last decade. We study a standard monetary model where the fully rational expectations assumption is replaced by a formal de ̄nition of quasi-rational learning. The model under learning is able to match remarkably well some crucial stylized facts observed during the recurrent hyperin°ations experienced by several countries in the 80's. We argue that, despite being a small departure from rational expectations, quasirational learning does not preclude falsi ̄ability of the model, it does not violate reasonable rationality requirements and it can be used for policy evaluation.