Enders, Zeno; Kleemann, Michael; Müller, Gernot J. - 2013 - Preliminary and incomplete
optimism or pessimism" (Pigou, 1927). In this paper, we identify empirically the effect of undue optimism/pessism ("optimism …Expectations matter for economic activity. To the extent that they are fundamentally unwarranted, they represent "undue …