SELF-FULFILLING PROPHECIES AND THE BUSINESS CYCLE
نویسندگان
چکیده
منابع مشابه
Self-fulfilling Prophecies and the Business Cycle
We demonstrate that multiple stationary rational-expectations equilibria exist in a version of Lucas’s island economy. The existence of these equilibria follows from the fact that there is an indeterminate set of monetary equilibria in the two-period overlappinggenerations model. We show how to construct stationary rational-expectations equilibria by randomizing over the set of nonstationary mo...
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At that time, the idea of a sunspot equilibrium was much discussed at the University of Pennsylvania, but was regarded by most macroeconomists as an esoteric branch of general equilibrium theory of little obvious importance for macroeconomics. The examples of sunspot equilibria that were known at the time were highly stylized, and, for example, involved only a finite number of random states. Th...
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A core theme of social psychology is that perceivers can shape targets’ future behaviors through self-fulfilling prophecies. Self-fulfilling prophecies occur when perceivers’ false beliefs about targets initiate a sequence of events that ultimately cause targets to exhibit expectancy-consistent behaviors, thereby causing perceivers’ initially false beliefs to become true. This article reviews t...
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Does media endorsement for catharsis produce a self-fulfilling or a self-defeating prophecy? In Study 1, participants who read a procatharsis message (claiming that aggressive action is a good way to relax and reduce anger) subsequently expressed a greater desire to hit a punching bag than did participants who read an anticatharsis message. In Study 2, participants read the same messages and th...
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ژورنال
عنوان ژورنال: Macroeconomic Dynamics
سال: 1997
ISSN: 1365-1005,1469-8056
DOI: 10.1017/s1365100597005051