Monetary policy and heterogeneous expectations

DOI10.1007/S00199-010-0539-9zbMATH Open1214.91077OpenAlexW2027663391MaRDI QIDQ540409FDOQ540409

Authors: William A. Branch, George W. Evans 

Publication date: 3 June 2011

Published in: Economic Theory (Search for Journal in Brave)

Full work available at URL: https://doi.org/10.1007/s00199-010-0539-9

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zbMATH Keywords

multiple equilibriamonetary policyadaptive learningheterogeneous expectations

Mathematics Subject Classification ID

Macroeconomic theory (monetary models, models of taxation) (91B64) Special types of economic equilibria (91B52) Economic dynamics (91B55) Heterogeneous agent models (91B69)

Cites Work

• Intrinsic heterogeneity in expectation formation
• A Rational Route to Randomness
• On the structure and diversity of rational beliefs
• A New Keynesian model with heterogeneous expectations
• Expectations and the Stability Problem for Optimal Monetary Policies
• Business cycle amplification with heterogeneous expectations
• Animal spirits and monetary policy
• The diversity of forecasts from macroeconomic models of the US economy
• Limited Rationality and Strategic Interaction: The Impact of the Strategic Environment on Nominal Inertia
• Financial leverage and market volatility with diverse beliefs
• Diverse beliefs and time variability of risk premia
• The role of expectations in economic fluctuations and the efficacy of monetary policy

Cited In (34)

• Managing unanchored, heterogeneous expectations and liquidity traps
• Monetary Policy Committees: Individual and Collective Reputations
• Functional monetary aggregates, monetary policy, and business cycles
• Price stabilizing, Pareto improving policies
• Home biased expectations and macroeconomic imbalances in a monetary union
• The role of expectations in economic fluctuations and the efficacy of monetary policy
• Macroeconomic and stock market interactions with endogenous aggregate sentiment dynamics
• Expectations and the Stability Problem for Optimal Monetary Policies
• Performance of monetary policy with internal central bank forecasting
• The heterogeneous impact of monetary policy on the US labor market
• Heterogeneous expectations in monetary DSGE models
• Animal spirits and monetary policy
• Business cycle amplification with heterogeneous expectations
• The diversity of forecasts from macroeconomic models of the US economy
• Monetary policy under misspecified expectations
• A tale of two correlations: evidence and theory regarding the phase shift between the price level and output
• Learnability of an equilibrium with private information
• Heterogeneous beliefs, monetary policy, and stock price volatility
• Expectational coordination in simple economic contexts. Concepts and analysis with emphasis on strategic substituabilities
• Modeling diverse expectations in an aggregated New Keynesian model
• Dynamic predictor selection in a New Keynesian model with heterogeneous expectations
• Monetary policy responses and strategic price setting
• Forecast combination, non-linear dynamics, and the macroeconomy
• The behavioral economics of currency unions: economic integration and monetary policy
• Effects of Inflation Expectations on Macroeconomic Dynamics: Extrapolative Versus Regressive Expectations
• Macroprudential policymakers with cautious expectations
• Intrinsic heterogeneity in expectation formation
• Heterogeneity and learning with complete markets
• Expectational diversity in monetary economies
• Signalling Effects of Monetary Policy
• Preference heterogeneity and optimal monetary policy
• Diverse beliefs and time variability of risk premia
• Inflation expectations and macroeconomic dynamics: the case of rational versus extrapolative expectations
• Monetary policy and the financial decisions of firms

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