particular violation of the Full Information Rational Expectations hypothesis that requires explanation. In contrast, minor …

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 …

The paper explores the role of workers' expectations as an original explanation for the puzzling long run persistence …

co-evolve with the potential insider's inclination to acquire information. True demand expectations are not …

should intervene in the business cycle. Following Ramey (2011b), we include expectations held by consumers and firms into the … findings also underscore the need to account for expectations, as failing to do so leads to significant misinterpretation of …

We use novel survey data to estimate how personal experiences affect household expectations about aggregate economic … systematically extrapolate from recent locally experienced home prices when asked for their expectations about US house price changes … distribution over expected future national house price movements. We find similar results for labor market expectations, where we …

return beliefs mirrors the importance of exerting self-control, such that return expectations first increase as the exam … find this prediction confirmed: average subjective expectations of returns increase by about 20% over the period before the …

We assess how survey expectations impact production and pricing decisions on the basis of a large panel of German firms …. We identify the causal effect of expectations by matching firms with the same fundamentals but different views about the …

This paper documents that individuals' expectations about macroeconomic outcomes are systematically linked with the … experiences of these macroeconomic outcomes they have made during life. Focusing on expectations about national inflation … variables over the respondents' lifetime, respectively. I find that experience significantly predicts respondents' expectations …

Between 2004 and 2016, we elicited individuals' subjective expectations of stock market returns in a Dutch internet … differ in how they use past stock market returns to form current stock market expectations. The model allows for rounding in …