Please use this identifier to cite or link to this item:
https://hdl.handle.net/10419/65837
Full metadata record
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Liu, Chunping | en |
dc.contributor.author | Minford, Patrick | en |
dc.date.accessioned | 2012-09-19 | - |
dc.date.accessioned | 2012-11-02T14:29:56Z | - |
dc.date.available | 2012-11-02T14:29:56Z | - |
dc.date.issued | 2012 | - |
dc.identifier.uri | http://hdl.handle.net/10419/65837 | - |
dc.description.abstract | The banking crisis has caused a resurgence of interest in behavioural models of expectations in macroeconomics. Here we evaluate behavioural and rational expectations econometrically in a New Keynesian framework, using US post-war data and the method of indirect inference. We find that after full re-estimation the model with behavioural expectations is strongly rejected by the data, whereas the standard rational expectations version passes the tests by a substantial margin. | en |
dc.language.iso | eng | en |
dc.publisher | |aCardiff University, Cardiff Business School |cCardiff | en |
dc.relation.ispartofseries | |aCardiff Economics Working Papers |xE2012/21 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | behavioural expectation | en |
dc.subject.keyword | rational expectation | en |
dc.subject.keyword | bank crisis | en |
dc.subject.keyword | indirect inference | en |
dc.title | Comparing behavioural and rational expectations for the US post-war economy | - |
dc.type | Working Paper | en |
dc.identifier.ppn | 726102881 | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
Files in This Item:
Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.