The role of stickiness, extrapolation and past consensus forecasts in macroeconomic expectations
We propose a simple model of expectation formation with three distinct deviations from fully rational expectations. In particular, forecasters' expectations are sticky, extrapolate the most recent news about the current period, and depend on the lagged consensus forecast about the period being...
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| Main Authors: | , |
|---|---|
| Format: | Book/Monograph Working Paper |
| Language: | English |
| Published: |
Heidelberg
University of Heidelberg, Department of Economics
29 Juli 2020
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| Series: | Discussion paper series / University of Heidelberg, Department of Economics
no. 686 |
| In: |
Discussion paper series (no. 686)
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| DOI: | 10.11588/heidok.00028722 |
| Subjects: | |
| Online Access: | Verlag, kostenfrei: http://archiv.ub.uni-heidelberg.de/volltextserver/28722/1/Hagenhoff_Lustenhouwer_2020_dp686.pdf Resolving-System, kostenfrei: https://doi.org/10.11588/heidok.00028722 Resolving-System, kostenfrei: http://hdl.handle.net/10419/235009 Resolving-System, kostenfrei, Volltext: https://nbn-resolving.org/urn:nbn:de:bsz:16-heidok-287229 
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| Author Notes: | Tim Hagenhoff and Joep Lustenhouwer |
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