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Central banks (the Fed) and markets (the market) often disagree about the path of interest rates. In this webinar, Alp Simsek will present his work with Ricardo J. Caballero whereby they that develops a model in which where these different views stem from disagreements between the Fed and the market about future aggregate demand. In their model, agents learn from the data but not from each other – they are opinionated. They explore the implications of these disagreements for monetary policy, the term structure of interest rates, and economic activity.”