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Expectations, Learning and Macroeconomic Persistence

Milani, Fabio - 2005

This paper presents an estimated model with learning and provides evidence that learning can improve the fit of popular monetary DSGE models and endogenously generate realistic levels of persistence. The paper starts with an agnostic view, developing a model that nests learning and some of the...

Persistent link: https://www.econbiz.de/10014061620

Cognition, Rationality, and Institutions

Streit, Manfred E. - 2000

Institutions are rules that are supported by various enforcement mechanisms. Cognition refers to the process of how men … perceive and process information, whereas rationality refers to how these processes are modelled. Within institutional … economics there is a growing scepticism towards extending the conventional economic frame of analysis to institutions. In …

Persistent link: https://www.econbiz.de/10013518462

Does macroeconomics have a DSGE future?

Colander, David C. - In: International journal of political economy : a journal … 50 (2021) 2, pp. 99-102

Persistent link: https://www.econbiz.de/10012623320

The misspecification of expectations in New Keynesian models : a DSGE-VAR approach

Cole, Stephen J.; Milani, Fabio - 2016

This paper tests the ability of popular New Keynesian models, which are traditionally used to study monetary policy and business cycles, to match the data regarding a key channel for monetary transmission: the dynamic interactions between macroeconomic variables and their corresponding...

Persistent link: https://www.econbiz.de/10011541080

News versus surprise in structural forecasting models: central bankers’ practical perspective

Musil, Karel; Tvrz, Stanislav; Vlček, Jan - 2021

Persistent link: https://www.econbiz.de/10012792209

The misspecification of expectations in New Keynesian models : a DSGE-VAR approach

Cole, Stephen J.; Milani, Fabio - In: Macroeconomic dynamics 23 (2019) 3, pp. 974-1007

Persistent link: https://www.econbiz.de/10012126660

Endogenous persistence with recursive inattentiveness

Dräger, Lena - 2011

The DSGE model with endogenous and time-varying sticky information in Dräger (2010) is extended by allowing agents' recursive choice between forecasts under rational or sticky information to affect the model solution. Dynamic equilibrium paths generate highly persistent series for output,...

Persistent link: https://www.econbiz.de/10010425852

Why don't people pay attention? : endogenous sticky information in a DSGE model

Dräger, Lena - 2010 - This version: September 23, 2010

correlated with the variance of the variable forecasted, providing a link to models of near-rationality. Output expectations in …

Persistent link: https://www.econbiz.de/10010425861

A note on the uniqueness of solutions to rational expectations models

Heiberger, Christopher; Klarl, Torben; Maußner, Alfred - 2012

Klein (2000) advocates the use of the Schur decomposition of a matrix pencil to solve linear rational expectations (RE) models. Meanwhile his algorithm has become a center piece in several computer codes that provide approximate solutions to (non-linear) dynamic stochastic general equilibrium...

Persistent link: https://www.econbiz.de/10010239759

Signals and learning in a new Keynesian economy

Marzioni, Stefano - In: Journal of macroeconomics 40 (2014), pp. 114-131

Persistent link: https://www.econbiz.de/10010495748