Inflation expectations and macroeconomic dynamics: the case of rational versus extrapolative expectations

DOI10.1016/J.JEDC.2009.09.004MaRDI QIDQ846516zbMATH OpenOpenAlexFDO

Authors Marji Lines, Frank Westerhoff

Publication date 9 February 2010

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

Full work available at URL https://doi.org/10.1016/j.jedc.2009.09.004

zbMATH Keywords

bifurcationsintermittencyheterogeneous expectationsdynamic macroeconomicsexpectation formationnonlinearities and chaosOkun's law and Phillips curve

Mathematics Subject Classification ID

Macroeconomic theory (monetary models, models of taxation) (91B64) Economic dynamics (91B55) Heterogeneous agent models (91B69)

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Cites work

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• Some Methods for the Global Analysis of Closed Invariant Curves in Two-Dimensional Maps
• Sticky information and model uncertainty in survey data on inflation expectations
• Tests for bounded rationality with a linear dynamic model distorted by heterogeneous expectations

Cited in

(18)

• An agent-based macroeconomic model with interacting firms, socio-economic opinion formation and optimistic/pessimistic sales expectations
• Complex dynamics associated with the appearance/disappearance of invariant closed curves
• On the concept of endogenous volatility
• Necessary and sufficient conditions for the roots of a cubic polynomial and bifurcations of codimension-1, -2, -3 for 3D maps
• TECHNICAL ANALYSIS BASED ON PRICE-VOLUME SIGNALS AND THE POWER OF TRADING BREAKS
• Inflationary expectations and rationality revisited
• The heterogeneous expectations hypothesis: Some evidence from the lab
• Rational thinking under costly information-macroeconomic implications
• Inflationary Consequences of Anticipated Macroeconomic Policies
• Monetary policy with a state-dependent inflation target in a behavioral two-country monetary union model
• Trend inflation, sticky prices, and expectational stability
• Expectations in an open economy hyperinflation: evidence from Germany 1921--23
• Effects of Inflation Expectations on Macroeconomic Dynamics: Extrapolative Versus Regressive Expectations
• Coexistence of equilibria in a New Keynesian model with heterogeneous beliefs
• Inflation-deflation expectations and economic stability in a Kaleckian system
• The Formation of Inflation Expectations under Changing Inflation Regimes
• Emerging patterns in inflation expectations with multiple agents
• Inflation expectations of households in India: role of oil prices, economic policy uncertainty, and spillover of global financial uncertainty

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