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EXPECTATION SHOCKS AND LEARNING AS DRIVERS OF THE BUSINESS CYCLE

Psychological factors, market sentiments and less-than-fully-rational shifts in beliefs are widely believed to play a role in the economy. Yet, they are rarely considered in macroeconomic models. This article evaluates the empirical role of expectational shocks on business cycle fluctuations and... Full description

1st Person: Milani, Fabio
Source: in The economic journal : the journal of the Royal Economic Society Vol. 121, No. 552 (2011), p. 379-401
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Type of Publication: Article
Language: English
Published: 2011
Keywords: research-article
Online: Volltext
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