The role of expectations in economic fluctuations and the efficacy of monetary policy

DOI10.1016/J.JEDC.2005.06.002MaRDI QIDQ956482zbMATH OpenOpenAlexFDO

Authors Mordecai Kurz, Hehui Jin, Maurizio Motolese

Publication date 25 November 2008

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

Full work available at URL http://publikationen.ub.uni-frankfurt.de/files/4445/03_42.pdf

zbMATH Keywords

business cyclesempirical distributionheterogeneous beliefsmarket volatilitymonetary policy rulesmoney nonneutralitynonstationarityoptimismover confidencepessimismrational belief

Mathematics Subject Classification ID

Rationality and learning in game theory (91A26) Economic dynamics (91B55) Macroeconomic theory (monetary models, models of taxation) (91B64)

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Cites work

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• Determinants of stock market volatility and risk premia
• Endogenous economic fluctuations. Studies in the theory of rational beliefs
• Endogenous uncertainty and market volatility
• Endogenous uncertainty and the non-neutrality of money
• Existence of Equilibrium of Plans, Prices, and Price Expectations in a Sequence of Markets
• Floating exchange rates versus a monetary union under rational beliefs: the role of endogenous uncertainty
• scientific article; zbMATH DE number 1188953 (Why is no real title available?)
• scientific article; zbMATH DE number 1188954 (Why is no real title available?)
• Investment cycles
• Money non-neutrality in a rational belief equilibrium with financial assets
• On the structure and diversity of rational beliefs
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• Rational beliefs and endogenous uncertainty
• Real business-cycle theory. Wisdom or whimsy?
• Speculative trading with rational beliefs and endogenous uncertainty
• Sticky Information versus Sticky Prices: A Proposal to Replace the New Keynesian Phillips Curve

Cited in

(18)

• Monetary policy under misspecified expectations
• The reeded edge and the Phillips curve: Money neutrality, common knowledge, and subjective beliefs
• Optimal fiscal policy under learning
• Expectational diversity in monetary economies
• Welfare effects of short-sale constraints under heterogeneous beliefs
• Non-stationary, stable Markov processes on a continuous state space
• scientific article; zbMATH DE number 2072550 (Why is no real title available?)
• Monetary policy and heterogeneous expectations
• Business cycle amplification with heterogeneous expectations
• The diversity of forecasts from macroeconomic models of the US economy
• Diverse beliefs and time variability of risk premia
• Monetary policy and sentiment-driven fluctuations
• A model of financial markets with endogenously correlated rational beliefs
• Inflation in open economies with complete markets
• Modeling diverse expectations in an aggregated New Keynesian model
• Beauty contests under private information and diverse beliefs: How different?
• On rationally confident beliefs and rational overconfidence
• When can changes in expectations cause business cycle fluctuations in neo-classical settings?

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