@techreport{Liu2012Comparing,
abstract = {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 re-estimation the model with behavioural expectations is strongly rejected by the data, whereas the standard rational expectations version passes the tests by a substantial margin.},
address = {Cardiff},
author = {Chunping Liu and Patrick Minford},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {330; behavioural expectation; rational expectation; bank crisis; indirect inference},
language = {eng},
number = {E2012/21},
publisher = {Cardiff Univ, Cardiff Business School, Economics Section},
title = {Comparing behavioural and rational expectations for the US post-war economy},
type = {Cardiff Economics Working Papers},
url = {http://hdl.handle.net/10419/65837},
year = {2012}
}
