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Monetary Policy and Heterogeneous Expectations

Branch, William A.; Evans, George W., 1949- (University of Oregon, Dept of Economics, 2010-04-30)

This paper studies the implications for monetary policy of heterogeneous expectations in a New Keynesian model. The assumption of rational expec- tations is replaced with parsimonious forecasting models where agents ...
Does Ricardian Equivalence Hold When Expectations are not Rational?

Evans, George W., 1949-; Honkapohja, Seppo, 1951-; Mitra, Kaushik, 1969- (University of Oregon, Dept of Economics, 2010-08-04)

This paper considers the Ricardian Equivalence proposition when expectations are not rational and are instead formed using adaptive learning rules. We show that Ricardian Equivalence continues to hold provided suitable ...
Stagnation Regime of the New Keynesian Model and Current US Policy

Evans, George W., 1949- (University of Oregon, Dept of Economics, 2010-10-30)

In Evans, Guse, and Honkapohja (2008) the intended steady state is locally but not globally stable under adaptive learning, and unstable deflationary paths can arise after large pessimistic shocks to expectations. In ...

Now showing items 41-43 of 43