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Internal Rationality and Asset Prices
Adam, Klaus; Marcet, Albert - C.E.P.R. Discussion Papers - 2009
with internal rationality. We also show that equilibrium prices depend on expectations of the discounted price and dividend …
Persistent link: https://www.econbiz.de/10008577809
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Do survey expectations of stock returns reflect risk adjustments?
Adam, Klaus; Matveev, Dmitry; Nagel, Stefan - In: Journal of monetary economics 117 (2021), pp. 723-740
Persistent link: https://www.econbiz.de/10012603211
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Are stationary hyperinflation paths learnable?
Adam, Klaus; Evans, George W.; Honkapohja, Seppo - 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/10010298287
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Stock market volatility and learning
Adam, Klaus; Marcet, Albert; Nicolini, Juan Pablo - 2008
Introducing bounded rationality into a standard consumption based asset pricing model with a representative agent and … restrict consideration to learning schemes that imply only small deviations from full rationality. The findings are robust to …
Persistent link: https://www.econbiz.de/10011604908
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Leaning Against Housing Prices as Robustly Optimal Monetary Policy
Adam, Klaus; Woodford, Michael - 2018
setting where the private sector has rational expectations about future housing prices and inflation, optimal monetary policy … policymaker is concerned with potential departures of private sector expectations from rational ones and seeks to choose a policy …
Persistent link: https://www.econbiz.de/10011872128
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Leaning against housing prices as robustly optimal monetary policy
Adam, Klaus; Woodford, Michael - 2018
setting where the private sector has rational expectations about future housing prices and inflation, optimal monetary policy … policymaker is concerned with potential departures of private sector expectations from rational ones and seeks to choose a policy …
Persistent link: https://www.econbiz.de/10011920138
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Robustly Optimal Monetary Policy in a Microfounded New Keynesian Model
Adam, Klaus; Woodford, Michael - 2012
central bank recognizes that private-sector expectations need not be precisely model-consistent, and wishes to choose a policy … increases in inflation than would be considered optimal if one could count on the private sector to have "rational expectations". …
Persistent link: https://www.econbiz.de/10011441803
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Stock Market Volatility and Learning
Adam, Klaus; Marcet, Albert; Nicolini, Juan Pablo - 2012
We study a standard consumption based asset pricing model with rational investors who entertain subjective prior beliefs about price behavior. Optimal behavior then dictates that investors learn about price behavior from past price observations. We show that this imparts momentum and mean...
Persistent link: https://www.econbiz.de/10011441808
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Stock Price Booms and Expected Capital Gains
Adam, Klaus; Beutel, Johannes; Marcet, Albert - 2014
investors' subjective capital gains expectations. Survey measures of these expectations display excessive optimism at market … expected returns observed in survey data. We show that models imposing objective or 'rational' price expectations cannot …
Persistent link: https://www.econbiz.de/10011441848
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Can a financial transaction tax prevent stock price booms?
Adam, Klaus; Marcet, Albert; Merkel, Sebastian; Beutel, … - 2015
investor expectations. Stock prices in the model occasionally display belief-driven boom and bust cycles that delink asset …
Persistent link: https://www.econbiz.de/10011441875