The Epidemiology of Macroeconomic Expectations

2005-10-20chapter85 citationsclosed

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Monetary Policy and Economic Impact Forecasting Techniques and Applications Economic theories and models

Abstract

Abstract This chapter considers a model in which individual actors learn about properties of the macroeconomic via the diffusion of forecasts by a small set of agents, interpreted as professional forecasters. This type of expectational structure is shown to replicate observed patterns of unemployment and inflation expectations as measured in survey data.

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