activity, the econometric approach deals with the possible simultaneity, taking into account the binary character in the …

expectations to match the inertia in the data and to improve the fit of estimated New Keynesian Phillips curves. The empirical … results show that when learning replaces the assumption of fully rational expectations, structural sources of persistence in …

the traders expectations about future prices. Another evidence about asset prices is that these do not seem to follow a … clustering, without noticing any kind of regular pattern. How can one conciliate the formation of expectations with unpredictable … prices, (2) agents follow a rule of bounded rationality, under which they can change the way they form expectations, but such …

adaptive expectations and partial adjustment mechanisms. The paper demonstrates the difficulty of interpreting distributed lag …

and inflation indexation, that are typically needed in monetary models with rational expectations to match the persistence … replaces rational expectations, the estimated degrees of habits and indexation drop near zero. This finding suggests that … persistence arises in the model economy mainly from expectations and learning. The posterior model probabilities show that the …

This paper investigates whether expectations of trustworthiness and resulting acts of trust accord with an objective …

achieve robustness against incomplete information about the structure of the economy by distorting their expectations in a … particular direction. It shows how a linear rational expectations equilibrium under concern for robustness can be solved by … responses of private consumption to government expenditure shocks under robust expectations. …

the euro area: the older expectations-augmented Phillips curve and the new Keynesian Phillips curve. The main focus is on … the role of expectations and comparison of the two theories. Instead of imposing rational expectations, an alternative and … in principle less restrictive approach is applied to operationalising expectations. Direct measures of inflation …