منابع مشابه
Rational Expectations and Inflation Third Edition
this collection of essays uses the lens of rational expectations theory to examine how governments anticipate and plan for inflation, and provides insight into the pioneering research for which thomas sargent was awarded the 2011 nobel prize in economics. rational expectations theory is based on the simple premise that people will use all the information available to them in making economic dec...
متن کاملCan Rational Expectations Sticky-Price Models Explain Inflation Dynamics?
The canonical inflation specification in sticky-price rational expectations models (the new-Keynesian Phillips curve) is often criticized on the grounds that it fails to account for the dependence of inflation on its own lags. In response, many recent studies have employed a “hybrid” sticky-price specification in which inflation depends on a weighted average of lagged and expected future values...
متن کاملAnchoring Expectations of Inflation
This paper studies existence and uniqueness of equilibrium in a monetary model in which fiscal policy is Ricardian. The innovation of the paper is to model agents’ expectations as endogenous probabilities which are determined in equilibrium. Since economies with a Ricardian fiscal policy typically exhibit indeterminacy of equilibrium when the monetary policy instrument is the short-term interes...
متن کاملDisagreement about Inflation Expectations
Analyzing 50 years of inflation expectations data from several sources, we document substantial disagreement among both consumers and professional economists about expected future inflation. Moreover, this disagreement shows substantial variation through time, moving with inflation, the absolute value of the change in inflation, and relative price variability. We argue that a satisfactory model...
متن کاملDoes Ricardian Equivalence hold when expectations are not rational?
This paper considers the Ricardian Equivalence proposition when expectations are not rational and are instead formed using adaptive learning rules. We show that Ricardian Equivalence continues to hold provided suitable additional conditions on learning dynamics are satisfied. However, new cases of failure can also emerge under learning. In particular, for Ricardian Equivalence to obtain, agents...
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ژورنال
عنوان ژورنال: Journal of Monetary Economics
سال: 2008
ISSN: 0304-3932
DOI: 10.1016/j.jmoneco.2007.07.004