quantification of the “community preference for its perceptions of improved unmeasured quality” in products. The measures are based … particular trade-offs, given her level of spending. The government is responsive to the community’s choices in terms of the … output” of goods and services from an entity measure. From this the “community preference for output increases” measure was …

adaptive expectations and partial adjustment mechanisms. The paper demonstrates the difficulty of interpreting distributed lag …

achieve robustness against incomplete information about the structure of the economy by distorting their expectations in a … particular direction. It shows how a linear rational expectations equilibrium under concern for robustness can be solved by … responses of private consumption to government expenditure shocks under robust expectations. …

the euro area: the older expectations-augmented Phillips curve and the new Keynesian Phillips curve. The main focus is on … the role of expectations and comparison of the two theories. Instead of imposing rational expectations, an alternative and … in principle less restrictive approach is applied to operationalising expectations. Direct measures of inflation …

This paper analyses the role of inflation expectations in the euro area. On one hand, the question is how inflation … expectations affect both inflation and output, and, on the other hand, how inflation expectations reflect developments in these … variables. The analyses make use of a simple VAR model of inflation, inflation expectations and the output gap that allows for …

rational expectations. This paper relaxes the assumption of rational expectations and it allows for learning instead. Economic … agents form expectations from simple models and update the parameters through constant-gain learning. I estimate the model by …

expectations to match the inertia in the data and to improve the fit of estimated New Keynesian Phillips curves. The empirical … results show that when learning replaces the assumption of fully rational expectations, structural sources of persistence in …

the traders expectations about future prices. Another evidence about asset prices is that these do not seem to follow a … clustering, without noticing any kind of regular pattern. How can one conciliate the formation of expectations with unpredictable … prices, (2) agents follow a rule of bounded rationality, under which they can change the way they form expectations, but such …