Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/65837 
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dc.contributor.authorLiu, Chunpingen
dc.contributor.authorMinford, Patricken
dc.date.accessioned2012-09-19-
dc.date.accessioned2012-11-02T14:29:56Z-
dc.date.available2012-11-02T14:29:56Z-
dc.date.issued2012-
dc.identifier.urihttp://hdl.handle.net/10419/65837-
dc.description.abstractThe 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.en
dc.language.isoengen
dc.publisher|aCardiff University, Cardiff Business School |cCardiffen
dc.relation.ispartofseries|aCardiff Economics Working Papers |xE2012/21en
dc.subject.ddc330en
dc.subject.keywordbehavioural expectationen
dc.subject.keywordrational expectationen
dc.subject.keywordbank crisisen
dc.subject.keywordindirect inferenceen
dc.titleComparing behavioural and rational expectations for the US post-war economy-
dc.typeWorking Paperen
dc.identifier.ppn726102881en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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