Comparing behavioural and rational expectations for the US post-war economy
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چکیده
منابع مشابه
Comparing behavioural and rational expectations for the US post-war economy
The banking crisis has caused a resurgence of interest in behavioural models of expectations in macroeconomics. Here we evaluate behavioural and rational expectations econometrically in a New Keynesian framework, using US post-war data and the method of indirect inference. We nd that after full reestimation the model with behavioural expectations is strongly rejected by the data, whereas the s...
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ژورنال
عنوان ژورنال: Economic Modelling
سال: 2014
ISSN: 0264-9993
DOI: 10.1016/j.econmod.2014.09.013