This paper studies the implications of heterogeneous capital gain expectations on output and asset prices. We consider a disequilibrium macroeconomic model where agents' expectations on future capital gains affect aggregate demand. Agents' beliefs take two forms - fundamentalist and chartist -...

This paper studies the implications of heterogeneous capital gain expectations on output andasset prices. We consider a disequilibrium macroeconomic model where agents' expectations on future capital gains affect aggregate demand. Agents' beliefs take two forms - fundamentalist and chartist -...

This paper studies the implications of heterogeneous capital gain expectations on output and asset prices. We consider a disequilibrium macroeconomic model where agents' expectations on future capital gains affect aggregate demand. Agents' beliefs take two forms - fundamentalist and chartist -...

Intro -- Analytical Political Economy -- Contents -- 1 ANALYTICAL POLITICAL ECONOMY -- References -- 2 TAKING STOCK: A RIGOROUS MODELLING OF ANIMAL SPIRITS IN MACROECONOMICS -- 1. Introduction -- 2. The General Framework -- 2.1 The Discrete Choice Approach -- 2.2 The Transition Probability...

Machine generated contents note: 1. Analytical Political Economy (Roberto Veneziani and Luca Zamparelli) 2. Taking Stock: A Rigorous Modelling Of Animal Spirits In Macroeconomics (Reiner Franke and Frank Westerhoff) 3. The Agent-Based Approach To Post Keynesian Macro-Modeling (Corrado Di Guilmi)...