these stylized facts. Notably, our model does not rely on the heterogeneity of prior beliefs, bounded rationality, or …

candidate is expectations: what people expect could affect how they feel about what actually occurs. In a real-effort experiment …, we manipulate the rational expectations of subjects and check whether this manipulation influences their effort provision …-based reference-dependent preferences: if expectations are high, subjects work longer and earn more money than if expectations are low. …

inferences under rational expectations, whereas the fraction of backward looking price setters increases. …

This essay links some of my own work on expectations, learning and bounded rationality to the inspiring ideas of Jean …-Michel Grandmont. In particular, my work on consistent expectations and behavioral learning equilibria may be seen as formalizations of …

tool to identify and characterize expectations of business cycle phases for Germany, Spain, the Euro Area, and the European … more sensitive to international disturbances. Our results also reveal a lack of synchronization of the expectations across …

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 …

.g. output, output per hour) and a positive correlation between long-run growth expectations and cyclical activities. Existing … features comovement and mutual influence of households' growth expectations and market outcomes, which can replicate the … evidence, and suggests a critical role for shifting long-run growth expectations in business cycle fluctuations. …