Macroeconomic expectations of various economic agents are characterized by substantial cross-sectional heterogeneity …. In this paper, we focus on expectations heterogeneity among professional forecasters. We first present stylized facts and … discuss theoretical explanations for heterogeneous expectations. We then provide an overview of the empirical evidence …

unconventional policies that aim to increase households' spending directly through managing their expectations. We first show … theoretically and empirically that higher in ation expectations increase households' consumption. We then design a difference … demand via managing expectations. Whereas unconventional fiscal policy increases households' expectations and spending …

We compare forecasts from different adaptive learning algorithms and calibrations applied to US real-time data on … inflation and growth. We find that the Least Squares with constant gains adjusted to match (past) survey forecasts provides the … best overall performance both in terms of forecasting accuracy and in matching (future) survey forecasts. …

Using a novel dataset that contains qualitative firm survey data on sales forecasts as well as balance-sheet data on … particular violation of the Full Information Rational Expectations hypothesis that requires explanation. In contrast, minor … quantify qualitative survey data on firm forecasts. It is generally applicable when quantitative information, e.g. from balance …

We investigate the role played by the media in the expectations formation process of households. Using a novel news … of households' stated inflation expectations. In turn, in a noisy information model setting, augmented with a simple …, robust and new evidence highlighting the role of the media for understanding inflation expectations and information …

-level forecasts or household expectations. As an application, we employ a panel of Greek manufacturing firms and quantify firms …We develop a novel methodology to quantify forecasts based on qualitative survey data. The methodology is generally …

to time-varying macroeconomic dynamics. To do so, we build a New Keynesian model with long-horizon expectations and … utility and firms maximise the discounted flow of future profits), their current decisions are influenced by expectations of … expectations equilibrium of these models. We assume that agents have access to a set of alternative predictors that can be used to …

How do real-time expectations affect firms' economic decisions? We provide evidence by using a dataset on Japanese … multinational firms' sales forecasts and exploring an unexpected escalation of a territorial dispute between China and Japan in 2012 … persistent decline in investment. Moreover, the territorial dispute has led to persistent pessimism in these firms' expectations …

Biased longevity expectations will lead to suboptimal decisions regarding saving, retirement, annuitization and health …, with consequences for wellbeing in old age. Systematic differences in the accuracy of longevity expectations may partly … veracity of expectations are due to the less educated and cognitively able responding less to changes in objective mortality …