euro area. Instead of imposing rational expectations, direct measures, ie OECD forecasts, are used as empirical proxies for … economic agents´ inflation expectations. Real marginal costs are proxied by three different measures. The results suggest that … OECD inflation forecasts perform relatively well as a proxy for inflation expectations in the euro area, since under this …

What is the impact of surprise and anticipated policy changes when agents form expectations using adaptive learning … rather than rational expectations? We examine this issue using the standard stochastic real business cycle model with lump …-shaped response, and tend to be prominently characterized by oscillations not present under rational expectations. These fluctuations …

form expectations using adaptive learning rather than rational expectations (RE). The output multipliers for government …

uncertainty is closely related to the output growth uncertainty. In forming expectations, individual forecasters seem to behave …

This paper shows that the Ricardian Equivalence proposition can continue to hold when expectations are not rational and … are instead formed using adaptive learning rules. In temporary equilibrium, with given expectations, Ricardian Equivalence … holds under the standard conditions for its validity under rational expectations. Furthermore, Ricardian Equivalence holds …

This paper investigates the measurement of anticipated interest rate policy and the effects of these expectations on … the term structure of nominal interest rates. It is shown that, under the expectations hypothesis, the level of long … between the market interest rate and the steering rate; and market expectations of the next steering rate change. The …

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. …

of imposing any specific form of expectations formation, di-rect measures, ie Consensus Economics survey data are used to … proxy economic agents’ inflation expecta-tions. According to the results, the New Classical Phillips curve has satisfactory … forward-looking, and inflation cannot instantaneously adjust to changes in expecta-tions. Consequently, even allowing for …

and monetary policies proposed by Leeper (1991) for stability under learning of rational expectations equilibria (REE …

, built for policy simulation and forecasting. In constructing the model, consistent treatment of expectations is emphasized …. Following current theoretical literature, intertemporal optimization with rational expectations is taken as the starting point … formation of expectations. …