macroeconomic variables and their corresponding expectations. In the empirical analysis, we exploit direct data on expectations from … surveys. To explain the joint evolution of realized variables and expectations, we adopt a DSGE-VAR approach, which allows us … failure of New Keynesian models under the rational expectations hypothesis to account for the dynamic interactions between …

quadratic approximation. Aggregation renders the belief distribution an aggregate state variable. Diverse expectations change …

when solved under the assumptions of Rational Expectations and learning. This information serves as an additional moment …Do survey data on inflation expectations contain useful information for estimating macroeconomic models? I address this … restriction and helps to determine the forecasting model for inflation that agents use under learning. My results reveal that the …

-consistent expectations. This implicitly assumes unrealistic cognitive abilities on the part of economic decision makers. The relevant … similar to those of a rational expectations equilibrium, and under which they are instead quite different. The model is used … interest rate for a substantial period of time. Neo-Fisherian predictions are shown to depend on using rational expectations …

This paper studies a new aspect of firms' expectation formation by asking whether expectations primarily reflect …). First, we show that disaggregate information is strongly associated with expectations even when controlling for aggregate … variance in expectations. Second, we exploit a natural experiment to identify the causal effect of new information on …

We report two information cascade game experiments that directly test the impact of altruism on observational learning … opportunities to learn about the strategies played by observed which amplifies the impact of altruism on observational learning …

The paper investigates social-learning when the information structure is not commonly known. Individuals repeatedly … interact in social-learning settings with distinct information structures. In each round of interaction, they use their … behavior in the long-run if and only if individuals distinguish social-learning settings and receive rich feedback after each …