Managing unanchored, heterogeneous expectations and liquidity traps

DOI10.1016/J.JEDC.2019.01.004MaRDI QIDQ1734568zbMATH OpenOpenAlexFDO

Authors Joep Lustenhouwer, Cars Hommes

Publication date 27 March 2019

Published in Journal of Economic Dynamics and Control (Search for Journal in Brave)

Full work available at URL http://hdl.handle.net/11245.1/86f86b8f-26ac-4ad2-afb8-b132f877f311

zbMATH Keywords

bounded rationalityheterogeneous expectationsliquidity traps

Mathematics Subject Classification ID

Dynamic stochastic general equilibrium theory (91B51) Economic dynamics (91B55) Economic growth models (91B62) Macroeconomic theory (monetary models, models of taxation) (91B64)

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Cites work

• A New Keynesian model with heterogeneous expectations
• A Rational Route to Randomness
• Animal spirits and monetary policy
• Behavioral learning equilibria
• Coexistence of equilibria in a New Keynesian model with heterogeneous beliefs
• Dynamic predictor selection in a New Keynesian model with heterogeneous expectations
• Evolutionary dynamics in markets with many trader types
• Expectations and the Stability Problem for Optimal Monetary Policies
• Fiscal Policy in an Expectations-Driven Liquidity Trap
• Heterogeneous expectations in monetary DSGE models
• scientific article; zbMATH DE number 3793969 (Why is no real title available?)
• scientific article; zbMATH DE number 858900 (Why is no real title available?)
• Liquidity traps and expectation dynamics: fiscal stimulus or fiscal austerity?
• Macroeconomic Expectations of Households and Professional Forecasters
• Managing monetary policy in a New Keynesian model with many beliefs types
• Modeling diverse expectations in an aggregated New Keynesian model
• Monetary policy and heterogeneous expectations
• Optimal monetary policy in a New Keynesian model with heterogeneous expectations
• The perils of Taylor rules

Cited in

(11)

• Stabilizing expectations at the zero lower bound: experimental evidence
• Self-fulfilling deflations
• Liquidity traps in a world economy
• The international synchronisation of business cycles: the role of animal spirits
• Managing expectations: instruments versus targets
• Coherence without rationality at the zero lower bound
• Expectation traps in a New Keynesian open economy model
• Generalizing heuristic switching models and a (boundedly) rational route away from randomness
• Deflationary traps, agents' beliefs and fiscal-monetary policies
• Leaning against the wind in the New Keynesian model with heterogeneous expectations
• Believe me when I say green! Heterogeneous expectations and climate policy uncertainty

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