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Expectations, Learning and Business Cycle Fluctuations
Eusepi, Stefano; Preston, Bruce - National Bureau of Economic Research (NBER) - 2008
This paper develops a theory of expectations-driven business cycles based on learning. Agents have incomplete knowledge … series is captured, unlike in standard models. Inherited from real business cycle theory, the benchmark model suffers a …
Persistent link: https://www.econbiz.de/10005575689
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Central Bank Communication and Expectations Stabilization
Eusepi, Stefano; Preston, Bruce - National Bureau of Economic Research (NBER) - 2007
This paper analyzes the value of communication in the implementation of monetary policy. The central bank is uncertain about the current state of the economy. Households and firms are uncertain about the statistical properties of aggregate variables, including nominal interest rates, and must...
Persistent link: https://www.econbiz.de/10005088899