On Model-Consistent Expectations in Macroeconomics
| Autor: | Daniel Heymann, Gabriel Montes Rojas |
|---|---|
| Jazyk: | English<br />Spanish; Castilian |
| Rok vydání: | 2018 |
| Předmět: | |
| Zdroj: | Económica, Vol 64 (2018) |
| Druh dokumentu: | article |
| ISSN: | 18521649 0013-0419 1852-1649 |
| DOI: | 10.24215/18521649e003 |
| Popis: | English: The practice of ascribing to agents expectations compatible with the model currently proposed by the analyst has been a widespread feature in Macroeconomics. However, that is a problematic assumption when used to depict anticipations constructed in the past since it would imply attributing to agents the use of a model that the economist had not yet built, and possibly not yet thought about. Thus, model- consistency is an ambiguous notion. In this paper we present a preliminary exploration of the application of the alternative forms of model-consistency in a very standard setup, using two related analytical constructs of different generations for U.S. data for the period 1959-2015. |
| Databáze: | Directory of Open Access Journals |
| Externí odkaz: |
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