The role of expectations in economic fluctuations and the efficacy of monetary policy

DOI10.1016/J.JEDC.2005.06.002zbMath1198.91147OpenAlexW3123248617MaRDI QIDQ956482

Hehui Jin, Maurizio Motolese, Mordecai Kurz

Publication date: 25 November 2008

Published in: Journal of Economic Dynamics \& Control (Search for Journal in Brave)

Full work available at URL: http://publikationen.ub.uni-frankfurt.de/files/4445/03_42.pdf

zbMATH Keywords

business cyclesmarket volatilitynonstationarityempirical distributionheterogeneous beliefsoptimismpessimismover confidencerational beliefmonetary policy rulesmoney nonneutrality

Mathematics Subject Classification ID

Macroeconomic theory (monetary models, models of taxation) (91B64) Rationality and learning in game theory (91A26) Economic dynamics (91B55)

Related Items (12)

Welfare effects of short-sale constraints under heterogeneous beliefs ⋮ Non-stationary, stable Markov processes on a continuous state space ⋮ Optimal fiscal policy under learning ⋮ A model of financial markets with endogenously correlated rational beliefs ⋮ Inflation in open economies with complete markets ⋮ Modeling diverse expectations in an aggregated New Keynesian model ⋮ Beauty contests under private information and diverse beliefs: How different? ⋮ On rationally confident beliefs and rational overconfidence ⋮ Monetary policy and heterogeneous expectations ⋮ Business cycle amplification with heterogeneous expectations ⋮ The diversity of forecasts from macroeconomic models of the US economy ⋮ Diverse beliefs and time variability of risk premia

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