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نتیجه جستجو - Rational expectations

تعداد مقالات یافته شده: 2
ردیف عنوان نوع
1 Learning about noise
یادگیری درباره نویز-2018
This paper studies how acquisition of non-fundamental information (learning about noise) affects financial markets. We develop a rational expectations model with investors who are endowed with fundamental and non-fundamental information of heterogeneous quality and who optimally allocate learning capacity between fundamentals and noise. We demonstrate that learning about noise increases price informativeness, and the price can be the most informative when the majority of investors acquire non-fundamental information. We also find that i) investors whose prior fundamental information is relatively precise (imprecise) compared to their prior non-fundamental information learn only about fundamentals (noise) and ii) learning about fundamentals (noise) increases (decreases) the heterogeneity in the fundamental information quality across investors.
keywords: Rational expectations |Information acquisition |Entropy |Price informativeness
مقاله انگلیسی
2 Firms’ rational expectations, workers’ psychology, and monetary policy in a behavioral real business cycle model
انتظارات منطقی شرکت ها : روانشناسی کارگران و رفتار سیاست های پولی دریک مدل چرخه تجارت واقعی-2017
This paper is based on cognitive psychology’s view of ‘‘curvilinear’’ optimism–pessimism and hence, contains a flavor of behavioral macroeconomics. The substructure of a real overlapping-generations business cycle model is assumed to be underlined by the long-term character of firms’ rational expectations. This model is combined with the workers’ ‘‘bell-shaped’’ optimism–pessimism about a fractional-reserve-banking economy. An exogenous shock will be propagated through this workers’ psychology. Policy-wise, the public sector is ignored and the only purpose of the monetary authority is to secure the efficiency of intergenerational income distribution in a business environment with zero full-employment general-equilibrium profit. Within this context, monetary policy is found to be in the spirit of the Old Chicago quantity theory in that monetary expansion is anti recessionary, and the increase of the reserve ratio is shown to be anti-inflationary. It is a viewpoint with Chartalist flavor.
Keywords: Curvilinear mood | Economic activity | Monetary expansion | Old Chicago quantity theory | Chartalism
مقاله انگلیسی
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