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| Tekijä: | Milani, F. |
| Otsikko: | Expectation shocks and learning as drivers of the business cycle |
| Lehti: | Economic Journal
2011 : MAY, VOL 121:552 p. 379-401 |
| Asiasana: | psychology markets macroeconomics keynesian school economic behaviour |
| Kieli: | eng |
| Tiivistelmä: | This paper evaluates the empirical role of expectational shocks on business cycle fluctuations and relaxes the rational expectations assumption to utilize survey data on expectations in the estimation of a New Keynesian model, which takes account of learning by economic agents. Expectation shock influences the formation of expectations and capture waves of optimism and pessimism that lead agents to form forecasts that deviate from those implied by their learning model. |
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