Expectations, learning and macroeconomic persistence

Abstract

Monetary DGSE models under rational expectations typically require large degrees of features as habit formation in consumption and inflation indexation to match the inertia of macroeconomic variables. This paper presents an estimated model that departs from rational expectations and nests learning by economic agents, habits, and indexation. Bayesian methods… (More)

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@inproceedings{Milani2005ExpectationsLA, title={Expectations, learning and macroeconomic persistence}, author={Fabio Milani and R. Reis and J Scott Roberts and Andrea Tambalotti}, year={2005} }