Search Results - subject:"State of belief"

Monetary Policy with Diverse Private Expectations

Kurz, Mordecai; Motolese, Maurizio; Piccillo, Giulia; … - 2015

We study the impact of diverse beliefs on conduct of monetary policy. We use a New Keynesian Model solved with a quadratic approximation. Aggregation renders the belief distribution an aggregate state variable. Diverse expectations change standard results about a smooth trade-off between...

Persistent link: https://www.econbiz.de/10010500419

Monetary Policy with Diverse Private Expectations

Kurz, Mordecai; Motolese, Maurizio; Piccillo, Giulia; … - 2015

We study the impact of diverse beliefs on conduct of monetary policy. Individual belief is modeled by a state variable that defines an individual's perceived laws of motion. We use a New Keynesian Model that is solved with a quadratic approximation hence individual decisions are quadratic...

Persistent link: https://www.econbiz.de/10011739596

Monetary Policy with Diverse Private Expectations

Kurz, Mordecai; Motolese, Maurizio; Piccillo, Giulia; … - CESifo - 2015

Persistent link: https://www.econbiz.de/10011205380

Monetary Policy with Diverse Private Expectations

Kurz, Mordecai; Motolese, Maurizio; Piccillo, Giulia; … - Dipartimenti e Istituti di Scienze Economiche, … - 2015

We study the impact of diverse beliefs on conduct of monetary policy. Individual belief is modeled by a state variable that defines an individual’s perceived laws of motion. We use a New Keynesian Model that is solved with a quadratic approximation hence individual decisions are quadratic...

Persistent link: https://www.econbiz.de/10011171792

Monetary policy with diverse private expectations

Kurz, Mordecai; Motolese, Maurizio; Piccillo, Giulia; … - 2015 - This version, January 26, 2015

Persistent link: https://www.econbiz.de/10010496147

Monetary policy with diverse private expectations

Kurz, Mordecai; Motolese, Maurizio; Piccillo, Giulia; … - 2015 - This version, January 26, 2015

Persistent link: https://www.econbiz.de/10011774525

Risk Premia, diverse belief and beauty contests

Kurz, Mordecai; Motolese, Maurizio - Volkswirtschaftliche Fakultät, … - 2006

We present a theoretical and empirical evaluation of the role of market belief in the structure of risk premia. To that end we employ a familiar asset pricing model for which we develop in detail the belief structure. The novelty in this development is the treatment of individual and market...

Persistent link: https://www.econbiz.de/10005619538

Social states of belief and the determinants of the equity risk premium in a rational belief equilibrium

Kurz, Mordecai - 1997

large numbers imply a single social state of belief and we show that the RBE of such economies have the same number of … state of belief cannot explain all the moments of the observed distribution of returns. The introduction of correlation …

Persistent link: https://www.econbiz.de/10011608343

Endogenous uncertainty: A unified view of market volatility

Kurz, Mordecai - 1997

beliefs and expectations of agents. The theory of RBE shows that if agents disagree then the state of belief of each agent …

Persistent link: https://www.econbiz.de/10011608344

Endogenous Uncertainty: A Unified View of Market Volatility

Kurz, Mordecai - Department of Economics, Stanford University

the dynamics of beliefs of agents. The theory of RBE shows that if agents disagree then the state of belief of each agent … of pessimism than the intensity of the optimists. In a large economy with this property the state of belief of any one … (REE), rational beliefs, rational belief equilibrium (RBE), endogenous uncertainty, state of belief, market volatility …

Persistent link: https://www.econbiz.de/10005742334