gold standard during the 1930s. We do this by separating expectations of taxation and of devaluation that are implicitly … expectations of a capital levy or other taxation devices; third that hyperinflation was not expected, even at the moment of maximum … low as the spot value. For the 1930s, we show that expectations of a depreciation of the franc explain the rise in …

We estimate the effect of pension reforms on households’ expectations of retirement outcomes and private wealth … population, elicits these expectations during a period of intense pension reforms between 1989 and 2002. These reforms had … of social security arrangements on expectations of retirement outcomes and household saving decisions. Our main findings …

, expectations of higher future productivity raise the demand for new vintages of capital relative to installed capital. Capital …

-looking expectations there is typically a second inefficiency from discretionary policymaking, besides the inflationary bias. The Paper …

and employment are below their full employment levels. Three alternative expectations hypotheses are used - 'adaptive …', 'monetarist' and 'pure rational' - all of which ensure no expectations errors in the steady state. All three lead to different … steady states, with contrasting output responses to the rate of monetary growth, despite constraining expectations to be …

influenced by political as well as economic considerations. This paper focuses on the role of expectations in distinguishing …

We consider the impact of anticipated policy changes when agents form expectations using adaptive learning rather than … rational expectations. To model this we assume that agents combine limited structural knowledge with a standard adaptive …-up there are important deviations from both rational expectations and purely adaptive learning. Our approach could be applied …