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Imperfect information in macroeconomics
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Hubert, Paul and Ricco, Giovanni (2018) Imperfect information in macroeconomics. La Revue de l’OFCE, 157 . pp. 181-196. ISSN 1265-9576 .
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Official URL: https://www.ofce.sciences-po.fr/publications/srevu...
Abstract
This article presents some recent theoretical and empirical contributions to the macroeconomic literature that challenge the perfect information hypothesis. By taking into account the information frictions encountered by economic agents, it is possible to explain some of the empirical regularities that are difficult to rationalise in the standard framework of full information rational expectations. As an example, we discuss how the sign, size and persistence of the estimated effects of monetary and fiscal policies can change when the informational frictions experienced by economic agents are taken into account.
| Item Type: | Journal Article | ||||||
|---|---|---|---|---|---|---|---|
| Divisions: | Faculty of Social Sciences > Economics | ||||||
| Journal or Publication Title: | La Revue de l’OFCE | ||||||
| Publisher: | Presses de Sciences Po | ||||||
| ISBN: | 9791090994089 | ||||||
| ISSN: | 1265-9576 | ||||||
| Official Date: | September 2018 | ||||||
| Dates: |
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| Volume: | 157 | ||||||
| Page Range: | pp. 181-196 | ||||||
| Status: | Peer Reviewed | ||||||
| Publication Status: | Published | ||||||
| Access rights to Published version: | Open Access (Creative Commons) | ||||||
| Date of first compliant deposit: | 7 February 2019 | ||||||
| Date of first compliant Open Access: | 14 February 2019 | ||||||
| Open Access Version: |
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