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 …

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 …

This paper considers the Ricardian Equivalence proposition when expectations are not rational and are instead formed … Ricardian Equivalence to obtain, agents’ expectations must not depend on government’s financial variables under deficit …

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 …

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 …

forecasting/planning horizon. We find for the Ramsey model that the unique rational expectations equilibrium is E-stable at all …

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

This paper considers the Ricardian Equivalence proposition when expectations are not rational and are instead formed … Ricardian Equivalence to obtain, agents’ expectations must not depend on government’s financial variables under deficit …

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

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