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Monetary policy, indeterminacy and learning
Evans, George W.; McGough, Bruce - Center for Financial Studies - 2003
interest rate rule, raising the possibility of inefficient fluctuations due to the dependence of expectations on extraneous … combine forward looking expectations and predetermined variables. We consider a variety of specifications that incorporate …
Persistent link: https://www.econbiz.de/10010986495
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Monetary Policy, Indeterminacy and Learning
Evans, George W.; McGough, Bruce - Center for Financial Studies - 2003
interest rate rule, raising the possibility of inefficient fluctuations due to the dependence of expectations on extraneous … combine forward looking expectations and predetermined variables. We consider a variety of specifications that incorporate …
Persistent link: https://www.econbiz.de/10005120769
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Confronting the Robinson Crusoe paradigm with household-size heterogeneity
Koulovatianos, Christos; Schröder, Carsten; Schmidt, Ulrich - Center for Financial Studies - 2008
Modern macroeconomics empirically addresses economy-wide incentives behind economic actions by using insights from the way a single representative household would behave. This analytical approach requires that incentives of the poor and the rich are strictly aligned. In empirical analysis a...
Persistent link: https://www.econbiz.de/10010986469
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Confronting the Robinson Crusoe paradigm with household-size heterogeneity
Koulovatianos, Christos; Schröder, Carsten; Schmidt, Ulrich - Center for Financial Studies - 2008
Modern macroeconomics empirically addresses economy-wide incentives behind economic actions by using insights from the way a single representative household would behave. This analytical approach requires that incentives of the poor and the rich are strictly aligned. In empirical analysis a...
Persistent link: https://www.econbiz.de/10005007631
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Learning and Equilibrium Selection in a Monetary Overlapping Generations Model with Sticky Prices
Adam, Klaus - Center for Financial Studies - 2003
by avoiding simultaneity between prices and price expectations. Adaptive learning then robustly selects the determinate …
Persistent link: https://www.econbiz.de/10010958494
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Are stationary hyperinflation paths learnable?
Adam, Klaus; Evans, George W.; Honkapohja, Seppo - Center for Financial Studies - 2003
Earlier studies of the seigniorage inflation model have found that the high-inflation steady state is not stable under adaptive learning. We reconsider this issue and analyze the full set of solutions for the linearized model. Our main focus is on stationary hyperinflationary paths near the...
Persistent link: https://www.econbiz.de/10010958763
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Learning and Equilibrium Selection in a Monetary Overlapping Generations Model with Sticky Prices
Adam, Klaus - Center for Financial Studies - 2003
by avoiding simultaneity between prices and price expectations. Adaptive learning then robustly selects the determinate …
Persistent link: https://www.econbiz.de/10005120770
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Are Stationary Hyperinflation Paths Learnable?
Adam, Klaus; Evans, George W.; Honkapohja, Seppo - Center for Financial Studies - 2004
Earlier studies of the seigniorage inflation model have found that the high-inflation steady state is not stable under adaptive learning. We reconsider this issue and analyze the full set of solutions for the linearized model. Our main focus is on stationary hyperinflationary paths near the...
Persistent link: https://www.econbiz.de/10005120784
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Retirement expectations, pension reforms, and their impact on private wealth accumulation
Bottazzi, Renata; Jappelli, Tullio; Padula, Mario - Center for Financial Studies - 2006
We estimate the effect of pension reforms on households expectations of retirement outcomes and private wealth … expectations of the age at which workers expect to retire and of the ratio of pension benefits to pre-retirement income between … 1989 and 2002. We find that workers have revised expectations in the direction suggested by the reform and that there is …
Persistent link: https://www.econbiz.de/10010986388
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Household economic decisions under the shadow of terrorism
Christelis, Dimitris; Georgarakos, Dimitris - Center for Financial Studies - 2009
expectations about terrorism, and study the effects these last have on households' portfolio choices and spending patterns. We find …
Persistent link: https://www.econbiz.de/10010958603