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

monetary policy rulesnonstationarityempirical distributionbusiness cyclesheterogeneous beliefsoptimismpessimismmarket volatilityover confidencerational beliefmoney nonneutrality

Mathematics Subject Classification ID

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

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Cites work

• scientific article; zbMATH DE number 1188953 (Why is no real title available?)
• scientific article; zbMATH DE number 1188954 (Why is no real title available?)
• Coordination and correlation in Markov rational belief equilibria
• 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
• Investment cycles
• Money non-neutrality in a rational belief equilibrium with financial assets
• On the structure and diversity of rational beliefs
• Rational belief structures and rational belief equilibria
• 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

(17)

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

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