neoclassical assumption of selfish utility maximization with bounded rationality and satisficing and by incorporating the reaction …

neoclassical assumption of selfish utility maximization with bounded rationality and satisficing and by incorporating the reaction …

Macroeconomic expectations of various economic agents are characterized by substantial crosssectional heterogeneity …. This chapter focuses on heterogeneity in the expectations among professional forecasters, first presenting stylized facts … and discussing theoretical explanations for heterogeneous expectations, before providing an overview of the empirical …

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 proves that the Bayesian approach to learning and expectations formation implies no propositions that could … observations, and the assumption of Bayesian rationality. Since no betting strategy is irrational, Bayesianism is useless as a …

The paper proves that the Bayesian approach to learning and expectations formation implies no propositions that could … observations, and the assumption of Bayesian rationality. Since no betting strategy is irrational, Bayesianism is useless as a …

this result, it is established too that adding common knowledge of the rationality of the formation of expectations —on top … of that of rationality of choices and market clearing— does not suffice either to guarantee rational expectations …Rational expectations do not require beliefs to be consistent with history and with what agents can conclude from it …

frequency and real-time data. I present a collection of 37 different measures of inflation expectations, including many … previously unexploited monthly and real-time measures of inflation expectations. These higher frequency measures tend to … outperform the standard three low frequency survey measures in tests of accuracy, predictive power, and rationality, indicating …

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 …

assumption of rationality forms the basis of neoclassical economic theory, question of whether expectations of industrial …Expectations concerning key economic variables certainly influence decisions undertaken by economic agents. Since … enterprises are indeed formed rationally deserves careful attention. Direct data on expectations are available mainly through …