Arbeitspapier
Comparing behavioural and rational expectations for the US post-war economy
The banking crisis has caused a resurgence of interest in behavioural models of expectations in macroeconomics. Here we evaluate behavioural and rational expectations econometrically in a New Keynesian framework, using US post-war data and the method of indirect inference. We find that after full re-estimation the model with behavioural expectations is strongly rejected by the data, whereas the standard rational expectations version passes the tests by a substantial margin.
- Sprache
-
Englisch
- Erschienen in
-
Series: Cardiff Economics Working Papers ; No. E2012/21
- Klassifikation
-
Wirtschaft
- Thema
-
behavioural expectation
rational expectation
bank crisis
indirect inference
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Liu, Chunping
Minford, Patrick
- Ereignis
-
Veröffentlichung
- (wer)
-
Cardiff University, Cardiff Business School
- (wo)
-
Cardiff
- (wann)
-
2012
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Liu, Chunping
- Minford, Patrick
- Cardiff University, Cardiff Business School
Entstanden
- 2012
Ähnliche Objekte (12)
US post-war monetary policy: What caused the Great Moderation?
Stabilization policy, rational expectations and price-level versus inflation targeting: a survey
Where next for monetary policy? Lessons from the financial crisis and the pandemic
Post-Brexit realism and international law: Renegotiating a bad Withdrawal Agreement
Commentary on economic projections and rules of thumb for monetary policy (by Athanasios Orphanides and Volker Wieland)
Understanding UK trade agreements with the EU and other countries
The banking crisis: A rational interpretation
A note rebutting the recent Cambridge Econometrics assessment of Brexit on the UK and London economies: Commissioned by London Mayor Khan
Free Trade under Brexit: Why its benefits have been widely underestimated
The effects of Brexit on the UK economy
Evaluating European trading arrangements
How should news shocks be specified under rational expectations?
US post-war monetary policy: What caused the Great Moderation?
Stabilization policy, rational expectations and price-level versus inflation targeting: a survey
Where next for monetary policy? Lessons from the financial crisis and the pandemic
Post-Brexit realism and international law: Renegotiating a bad Withdrawal Agreement
Commentary on economic projections and rules of thumb for monetary policy (by Athanasios Orphanides and Volker Wieland)
Understanding UK trade agreements with the EU and other countries
The banking crisis: A rational interpretation
A note rebutting the recent Cambridge Econometrics assessment of Brexit on the UK and London economies: Commissioned by London Mayor Khan
Free Trade under Brexit: Why its benefits have been widely underestimated
The effects of Brexit on the UK economy
Evaluating European trading arrangements
How should news shocks be specified under rational expectations?
US post-war monetary policy: What caused the Great Moderation?
Stabilization policy, rational expectations and price-level versus inflation targeting: a survey
Where next for monetary policy? Lessons from the financial crisis and the pandemic
Post-Brexit realism and international law: Renegotiating a bad Withdrawal Agreement
Commentary on economic projections and rules of thumb for monetary policy (by Athanasios Orphanides and Volker Wieland)
Understanding UK trade agreements with the EU and other countries
The banking crisis: A rational interpretation
A note rebutting the recent Cambridge Econometrics assessment of Brexit on the UK and London economies: Commissioned by London Mayor Khan
Free Trade under Brexit: Why its benefits have been widely underestimated
The effects of Brexit on the UK economy
Evaluating European trading arrangements