Adjemian, Stéphane; Bokan, Nikola; Darracq Pariès, … - 2024
This paper introduces ECB-(RE)BASE as the model-consistent, or rational expectation version of the ECB-BASE model. It … either with full model-consistent expectations or with hybrid expectations. The paper provides a didactic exposition of the …-based to model-consistent expectations would limit the pandemic-induced macroeconomic volatility but would exacerbate the price …