See Murchison and Rennison (2006); and Dorich, Mendes, and Zhang (2011). 19  Amano, Engle-Warnick and Shukayev (2011). 6  BIS central bankers’ speeches  extended to investigate many more questions, including how central bank communications influence people’s decisions or the tendency people have to extrapolate the present into the future. Conclusion I would like to conclude with the following observation.
I have argued that the uncertainty we have about how we think has important policy implications. But we should not forget a fundamental lesson from rational expectations. The way we think is not set in stone. People learn and eventually adapt.