This paper presents a simple experiment on how laypeople form macroeconomic expectations. Subjects have to forecast … forecasts. It turns out that the availability of historical data has a dominant impact on expectations and wipes out the …

This paper presents a simple experiment on how laypeople form macroeconomic expectations. Subjects have to forecast … forecasts. It turns out that the availability of historical data has a dominant impact on expectations and wipes out the … decisive factor in expectation formation. -- Expectations ; macroeconomic experiment ; use of information ; inflation forecasts …

We investigate the role played by the media in the expectations formation process of households. Using a novel news … of households' stated inflation expectations. In turn, in a noisy information model setting, augmented with a simple …, robust and new evidence highlighting the role of the media for understanding inflation expectations and information …

Previous experimental investigations have shown that expectations are not perfectly rational due to bias. Traditional … adaptive models, however, in many cases do not perfectly describe the formation of expectations either. This paper makes two … contributions to the experimental literature on the formation of expectations: First, we investigate whether subjects who have more …

Macroeconomic expectations of various economic agents are characterized by substantial cross-sectional heterogeneity …. In this paper, we focus on expectations heterogeneity among professional forecasters. We first present stylized facts and … discuss theoretical explanations for heterogeneous expectations. We then provide an overview of the empirical evidence …

Macroeconomic expectations of various economic agents are characterized by substantial crosssectional heterogeneity …. This chapter focuses on heterogeneity in the expectations among professional forecasters, first presenting stylized facts … and discussing theoretical explanations for heterogeneous expectations, before providing an overview of the empirical …