| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9132 |
| DP9132 Comparing behavioural and rational expectations for the US post-war economy | |
| Patrick Minford; Chunping Liu | |
| 发表日期 | 2012-09-16 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | 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 reestimation the model with behavioural expectations is strongly rejected by the data, whereas the standard rational expectations version passes the tests by a substantial margin. |
| 主题 | International Macroeconomics |
| 关键词 | Bank crisis Behavioural expectations indirect inference Rational expectations |
| URL | https://cepr.org/publications/dp9132 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/537966 |
| 推荐引用方式 GB/T 7714 | Patrick Minford,Chunping Liu. DP9132 Comparing behavioural and rational expectations for the US post-war economy. 2012. |
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