On Model-Consistent Expectations in Macroeconomics

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In this paper we explore an alternative version of model- consistency of expectations, which allows the expectation- generating schemes to vary according to the state of accepted macroeconomic analysis. We perform an econometric exercise using standard existing models of different generations (built...

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Detalles Bibliográficos
Autores principales:	Montes Rojas, Gabriel, Heymann, Daniel
Formato:	Articulo
Lenguaje:	Inglés
Publicado:	2018
Materias:	Ciencias Económicas model-consistency rational expectations forecasts non-linear testing wald tests consistencia de los modelos expectativas racionales predicción contrastes no lineales contrastes de wald
Acceso en línea:	http://sedici.unlp.edu.ar/handle/10915/71839 https://revistas.unlp.edu.ar/Economica/article/view/6014
Aporte de:	SEDICI (UNLP) de Universidad Nacional de La Plata

id	I19-R120-10915-71839
record_format	dspace
institution	Universidad Nacional de La Plata
institution_str	I-19
repository_str	R-120
collection	SEDICI (UNLP)
language	Inglés
topic	Ciencias Económicas model-consistency rational expectations forecasts non-linear testing wald tests consistencia de los modelos expectativas racionales predicción contrastes no lineales contrastes de wald
spellingShingle	Ciencias Económicas model-consistency rational expectations forecasts non-linear testing wald tests consistencia de los modelos expectativas racionales predicción contrastes no lineales contrastes de wald Montes Rojas, Gabriel Heymann, Daniel On Model-Consistent Expectations in Macroeconomics
topic_facet	Ciencias Económicas model-consistency rational expectations forecasts non-linear testing wald tests consistencia de los modelos expectativas racionales predicción contrastes no lineales contrastes de wald
description	In this paper we explore an alternative version of model- consistency of expectations, which allows the expectation- generating schemes to vary according to the state of accepted macroeconomic analysis. We perform an econometric exercise using standard existing models of different generations (built for the US economy) as potential expectations- forming tools. The discussion and implementation of alternative forms of model- consistency is the main purpose of the paper. As for the results, they suggest an absence of strong sensitivity to the expectations- generating schemes in past decades, while the performance of the models become problematic in recent times marked by the Great Recession.
format	Articulo Articulo
author	Montes Rojas, Gabriel Heymann, Daniel
author_facet	Montes Rojas, Gabriel Heymann, Daniel
author_sort	Montes Rojas, Gabriel
title	On Model-Consistent Expectations in Macroeconomics
title_short	On Model-Consistent Expectations in Macroeconomics
title_full	On Model-Consistent Expectations in Macroeconomics
title_fullStr	On Model-Consistent Expectations in Macroeconomics
title_full_unstemmed	On Model-Consistent Expectations in Macroeconomics
title_sort	on model-consistent expectations in macroeconomics
publishDate	2018
url	http://sedici.unlp.edu.ar/handle/10915/71839 https://revistas.unlp.edu.ar/Economica/article/view/6014
work_keys_str_mv	AT montesrojasgabriel onmodelconsistentexpectationsinmacroeconomics AT heymanndaniel onmodelconsistentexpectationsinmacroeconomics
bdutipo_str	Repositorios
_version_	1764820482936274945

On Model-Consistent Expectations in Macroeconomics

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