Major macroeconomic disturbances, expectations and policy responses
نویسندگان
چکیده
منابع مشابه
Expectations, deflation traps and macroeconomic policy
We examine global economic dynamics under infinite-horizon learning in a New Keynesian model in which the interest-rate rule is subject to the zero lower bound. As in Evans, Guse and Honkapohja (2008), we find that under normal monetary and fiscal policy the intended steady state is locally but not globally stable. Unstable deflationary paths can arise after large pessimistic shocks to expectat...
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concept of inflation compensation. Finally, we provide evidence that Federal Reserve communication and surprises in monetary policy actions bear on the uncertainty surrounding the expected rate of inflation. For one concept of inflation expectations, we find that Federal Reserve communication reduces uncertainty about the future rate of inflation, while surprises in monetary policy actions incr...
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I am grateful to Jacques Dreze for helpful comments on an earlier draft.
متن کاملNatural Expectations and Macroeconomic Fluctuations.
The Harvard community has made this article openly available. Please share how this access benefits you. Your story matters. In recent decades, research in economics and finance has largely focused on the rational actor model, in which economic agents process all available information perfectly. In contrast to an older perspective represented by Keynes and Pigou, the rational model rules out un...
متن کاملEarnings Expectations and Macroeconomic Conditions *
Companies’ realized earnings depend on overall economic conditions. Market participants should therfore adjust their earnings expectations to surprising macroeconomic news. However, despite its importance for asset pricing models, thus far, empirical research was not able to provide clear-cut evidence of a link between earnings expectations and economic news. Based on a detailed analysis of the...
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ژورنال
عنوان ژورنال: CEPAL Review
سال: 2000
ISSN: 1684-0348
DOI: 10.18356/f2bbf1bd-en