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Heterogeneous Expectations and Business Cycle Fluctuations

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  • Christian Hellwig

    (UCLA and CEPR)

Abstract

I develop methods for solving dynamic economic models with heterogeneous information, with applications to business cycle fluctuations (price-setting) and asset pricing. The analysis requires only a minimal set of assumptions on the information structure, and provides analytical or quantitative solutions for a wide range of DSGE Economies in which heterogeneous information gives rise to an infinite regress problem that results from "Forecasting the Forecasts of Others" (Townsend 1983).

Suggested Citation

  • Christian Hellwig, 2009. "Heterogeneous Expectations and Business Cycle Fluctuations," 2009 Meeting Papers 1126, Society for Economic Dynamics.
    • Handle: RePEc:red:sed009:1126
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