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Bruce Preston

Citations

Many of the citations below have been collected in an experimental project, CitEc, where a more detailed citation analysis can be found. These are citations from works listed in RePEc that could be analyzed mechanically. So far, only a minority of all works could be analyzed. See under "Corrections" how you can help improve the citation analysis.

Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Stefano Eusepi & Bruce Preston, 2009. "Labor Supply Heterogeneity and Macroeconomic Co-movement," NBER Working Papers 15561, National Bureau of Economic Research, Inc.

    Mentioned in:

    1. Labor Supply Heterogeneity and Macroeconomic Co-movement
      by Christian Zimmermann in NEP-DGE blog on 2009-12-14 02:46:28

RePEc Biblio mentions

As found on the RePEc Biblio, the curated bibliography of Economics:
  1. Justiniano, Alejandro & Preston, Bruce, 2010. "Can structural small open-economy models account for the influence of foreign disturbances?," Journal of International Economics, Elsevier, vol. 81(1), pages 61-74, May.

    Mentioned in:

    1. > Schools of Economic Thought, Epistemology of Economics > Economic Methodology > Dynamic Stochastic General Equilibrium > Estimated DSGE Models

Wikipedia or ReplicationWiki mentions

(Only mentions on Wikipedia that link back to a page on a RePEc service)
  1. Stefano Eusepi & Bruce Preston, 2011. "Expectations, Learning, and Business Cycle Fluctuations," American Economic Review, American Economic Association, vol. 101(6), pages 2844-2872, October.

    Mentioned in:

    1. Expectations, Learning, and Business Cycle Fluctuations (AER 2011) in ReplicationWiki ()
  2. Alejandro Justiniano & Bruce Preston, 2010. "Monetary policy and uncertainty in an empirical small open-economy model," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 25(1), pages 93-128.

    Mentioned in:

    1. Monetary policy and uncertainty in an empirical small open-economy model (Journal of Applied Econometrics 2010) in ReplicationWiki ()
  3. Jonathan A. Parker & Bruce Preston, 2005. "Precautionary Saving and Consumption Fluctuations," American Economic Review, American Economic Association, vol. 95(4), pages 1119-1143, September.

    Mentioned in:

    1. Precautionary Saving and Consumption Fluctuations (AER 2005) in ReplicationWiki ()

Working papers

  1. Margaret M. Jacobson & Eric M. Leeper & Bruce Preston, 2023. "Recovery of 1933," Finance and Economics Discussion Series 2023-032r1, Board of Governors of the Federal Reserve System (U.S.), revised 28 Feb 2024.

    Cited by:

    1. Francesco Bianchi & Renato Faccini & Leonardo Melosi, 2020. "Monetary and Fiscal Policies in Times of Large Debt: Unity is Strength," NBER Working Papers 27112, National Bureau of Economic Research, Inc.
    2. John H. Cochrane, 2020. "Strategic Review and Beyond: Rethinking Monetary Policy and Independence," Review, Federal Reserve Bank of St. Louis, vol. 102(2), pages 99-119, May.
    3. Michael D. Bordo & Andrew T. Levin & Mickey D. Levy, 2020. "Incorporating Scenario Analysis into the Federal Reserve’s Policy Strategy and Communications," NBER Working Papers 27369, National Bureau of Economic Research, Inc.
    4. Luca Pensieroso & Romain Restout, 2021. "The Gold Standard and the International Dimension of the Great Depression," Working Papers of BETA 2021-21, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    5. John Cochrane, 2022. "A fiscal theory of monetary policy with partially repaid long-term debt," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 45, pages 1-21, July.
    6. Billi , Roberto M. & Walsh, Carl E., 2022. "Seemingly Irresponsible but Welfare Improving Fiscal Policy at the Lower Bound," Working Paper Series 410, Sveriges Riksbank (Central Bank of Sweden).
    7. Barry Eichengreen, 2019. "From Commodity to Fiat and Now to Crypto: What Does History Tell Us?," NBER Working Papers 25426, National Bureau of Economic Research, Inc.
    8. Nicolas Caramp & Dejanir Silva, 2023. "Fiscal Policy and the Monetary Transmission Mechanism," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 716-746, December.
    9. Karau, Sören, 2020. "Buried in the vaults of central banks: Monetary gold hoarding and the slide into the Great Depression," Discussion Papers 63/2020, Deutsche Bundesbank.
    10. Michael D. Bordo & Mickey D. Levy, 2020. "Do Enlarged Fiscal Deficits Cause Inflation: The Historical Record," NBER Working Papers 28195, National Bureau of Economic Research, Inc.
    11. Bernardo Candia & Mathieu Pedemonte, 2021. "Export-Led Decay: The Trade Channel in the Gold Standard Era," Working Papers 21-11r, Federal Reserve Bank of Cleveland, revised 08 Nov 2021.
    12. Pierpaolo Benigno & Salvatore Nisticò, 2020. "The Economics of Helicopter Money," Working Papers 8/20, Sapienza University of Rome, DISS.
    13. Saroj Bhattarai & Jae Won Lee & Choongryul Yang, 2021. "Redistribution and the Monetary–Fiscal Policy Mix," Finance and Economics Discussion Series 2021-013, Board of Governors of the Federal Reserve System (U.S.).
    14. David S. Miller, 2021. "A Monetary-Fiscal Theory of Sudden Inflations and Currency Crises," Finance and Economics Discussion Series 2021-057, Board of Governors of the Federal Reserve System (U.S.).
    15. Olivier CARDI & Romain RESTOUT, 2021. "Sectoral Fiscal Multipliers And Technology In Open Economy," Working Papers of BETA 2021-22, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.

  2. Stefano Eusepi & Bruce Preston, 2023. "A Short History in Defence of Adaptive Learning," CAMA Working Papers 2023-52, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.

    Cited by:

    1. Bullard, James, 2025. "Social learning for the masses," Journal of Economic Dynamics and Control, Elsevier, vol. 172(C).
    2. Keshav Dogra, 2024. "Paradoxes and Problems in the Causal Interpretation of Equilibrium Economics," Staff Reports 1093, Federal Reserve Bank of New York.

  3. Stefano Eusepi & Christopher G. Gibbs & Bruce Preston, 2022. "Monetary Policy Trade-Offs at the Zero Lower Bound," CAMA Working Papers 2022-26, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.

    Cited by:

    1. Dupraz, Stéphane & Le Bihan, Hervé & Matheron, Julien, 2024. "Make-up strategies with finite planning horizons but infinitely forward-looking asset prices," Journal of Monetary Economics, Elsevier, vol. 143(C).
    2. Eskelinen, Maria & Gibbs, Christopher G. & McClung, Nigel, 2024. "Resolving new keynesian puzzles," Bank of Finland Research Discussion Papers 5/2024, Bank of Finland.
    3. Christopher Gibbs & Nigel McClung, 2023. "Does my model predict a forward guidance puzzle?," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 393-423, December.

  4. Richard K. Crump & Stefano Eusepi & Emanuel Moench & Bruce Preston, 2021. "The Term Structure of Expectations," Staff Reports 992, Federal Reserve Bank of New York.

    Cited by:

    1. Farmer, Leland E & Nakamura, Emi & Steinsson, Jón, 2024. "Learning about the Long Run," Department of Economics, Working Paper Series qt0tn1s1hp, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
    2. Schmeling, Maik & Schrimpf, Andreas & Steffensen, Sigurd A.M., 2022. "Monetary policy expectation errors," Journal of Financial Economics, Elsevier, vol. 146(3), pages 841-858.
    3. McNeil, James, 2023. "Monetary policy and the term structure of inflation expectations with information frictions," Journal of Economic Dynamics and Control, Elsevier, vol. 146(C).

  5. Qingyuan Du & Stefano Eusepi & Bruce Preston, 2021. "Online Appendix to "Non-Rational Beliefs in an Open Economy"," Online Appendices 20-56, Review of Economic Dynamics.

    Cited by:

    1. Leonardo Melosi & Giorgio Primiceri & Andrea Tambalotti, 2021. "Introduction to the Special Issue in Memory of Alejandro Justiniano," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 41, pages 1-3, July.
    2. Kolasa, Marcin & Ravgotra, Sahil & Zabczyk, Pawel, 2025. "Monetary policy and exchange rate dynamics in a behavioral open economy model," Journal of International Economics, Elsevier, vol. 155(C).
    3. Svec, Justin & Tortorice, Daniel L., 2025. "Asserting independence: Optimal monetary policy when the central bank and political authority disagree," Journal of Macroeconomics, Elsevier, vol. 85(C).

  6. Eusepi, Stefano & Gibbs, Chris & Preston, Bruce, 2021. "Forward guidance with unanchored expectations," Bank of Finland Research Discussion Papers 11/2021, Bank of Finland.

    Cited by:

    1. Li, Mengheng & Mendieta-Munoz, Ivan, 2025. "Unpacking trend inflation: Evidence from a factor correlated unobserved components model of sticky and flexible prices," EconStor Preprints 320299, ZBW - Leibniz Information Centre for Economics.
    2. Ascari, Guido & Mavroeidis, Sophocles & McClung, Nigel, 2023. "Coherence without rationality at the zero lower bound," Journal of Economic Theory, Elsevier, vol. 214(C).

  7. Eusepi, Stefano & Gibbs, Chris & Preston, Bruce, 2021. "Forward guidance with unanchored expectations," Bank of Finland Research Discussion Papers 11/2021, Bank of Finland.

    Cited by:

    1. Guido Ascari & Sophocles Mavroeidis & Nigel McClung, 2023. "Coherence without Rationality at the ZLB," Working Papers 784, DNB.
    2. George W. Evans & Seppo Honkapohja & Kaushik Mitra, 2022. "Expectations, Stagnation, And Fiscal Policy: A Nonlinear Analysis," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 63(3), pages 1397-1425, August.
    3. Müller, Tobias & Christoffel, Kai & Mazelis, Falk & Montes-Galdón, Carlos, 2022. "Disciplining expectations and the forward guidance puzzle," Journal of Economic Dynamics and Control, Elsevier, vol. 137(C).
    4. Li, Mengheng & Mendieta-Munoz, Ivan, 2025. "Unpacking trend inflation: Evidence from a factor correlated unobserved components model of sticky and flexible prices," EconStor Preprints 320299, ZBW - Leibniz Information Centre for Economics.
    5. Ascari, Guido & Mavroeidis, Sophocles & McClung, Nigel, 2023. "Coherence without rationality at the zero lower bound," Journal of Economic Theory, Elsevier, vol. 214(C).
    6. Richard K. Crump & Stefano Eusepi & Emanuel Moench & Bruce Preston, 2021. "The Term Structure of Expectations," Staff Reports 992, Federal Reserve Bank of New York.

  8. Carvalho, Carlos & Eusepi, Stefano & , & Preston, Bruce, 2019. "Anchored Inflation Expectations," CEPR Discussion Papers 13900, C.E.P.R. Discussion Papers.
    • Carlos Carvalho & Stefano Eusepi & Emanuel Moench & Bruce Preston, 2020. "Anchored inflation expectations," CAMA Working Papers 2020-25, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.

    Cited by:

    1. Drobysheva, Alexandra (Дробышева, Александра) & Merzlyakov, Sergey (Мерзляков, Сергей), 2024. "The Forward Guidance Puzzle and Anchored Inflation Expectations," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, issue 6, pages 6-25.
    2. Jørgensen, Peter Lihn & Lansing, Kevin J., 2025. "A simple measure of anchoring for short-run expected inflation in FIRE models," Economics Letters, Elsevier, vol. 246(C).
    3. Ehrmann, Michael, 2024. "Trust in central banks," Working Paper Series 3006, European Central Bank.
    4. Markus K. Brunnermeier, 2024. "Presidential Address: Macrofinance and Resilience," Journal of Finance, American Finance Association, vol. 79(6), pages 3683-3728, December.
    5. Hogen, Yoshihiko & Okuma, Ryoichi, 2025. "The anchoring of inflation expectations in Japan: A learning-approach perspective," Japan and the World Economy, Elsevier, vol. 73(C).
    6. Han, Zhao, 2021. "Low-frequency fiscal uncertainty," Journal of Monetary Economics, Elsevier, vol. 117(C), pages 639-657.
    7. Fabio Milani, 2025. "Monetary Policy, Heterogeneous Expectations, and the Return of High Inflation," CESifo Working Paper Series 12123, CESifo.
    8. Carrier, Alexandre & Mavromatis, Kostas, 2025. "Optimal normalization policy under behavioral expectations," Journal of Monetary Economics, Elsevier, vol. 153(C).
    9. Crump, Richard K. & Eusepi, Stefano & Giannoni, Marc & Şahin, Ayşegül, 2024. "The unemployment–inflation trade-off revisited: The Phillips curve in COVID times," Journal of Monetary Economics, Elsevier, vol. 145(S).
    10. Dominik Hecker & Maik Wolters & Maik H. Wolters, 2025. "Nonlinear Estimation of a New Keynesian Model with Endogenous Inflation De-Anchoring," CESifo Working Paper Series 12280, CESifo.
    11. Grimaud, Alex & Salle, Isabelle & Vermandel, Gauthier, 2025. "A Dynare toolbox for social learning expectations," Journal of Economic Dynamics and Control, Elsevier, vol. 172(C).
    12. Corsello, Francesco & Neri, Stefano & Tagliabracci, Alex, 2021. "Anchored or de-anchored? That is the question," European Journal of Political Economy, Elsevier, vol. 69(C).
    13. Andrade, Philippe & Gautier, Erwan & Mengus, Eric, 2023. "What matters in households’ inflation expectations?," Journal of Monetary Economics, Elsevier, vol. 138(C), pages 50-68.
    14. Raffaella Giacomini & Katja Smetanina & Jason Lu, 2024. "Perceived shocks and impulse responses," IFS Working Papers WCWP21/24, Institute for Fiscal Studies.
    15. Sarantis Tsiaplias, 2021. "Consumer inflation expectations, income changes and economic downturns," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 36(6), pages 784-807, September.
    16. Lucio Gobbi & Ronny Mazzocchi & Roberto Tamborini, 2024. "When Should Central Banks Fear Inflation Expectations?," CESifo Working Paper Series 10966, CESifo.
    17. Raffaella Giacomini & Jason Lu & Katja Smetanina, 2024. "Perceived shocks and impulse responses," CeMMAP working papers 21/24, Institute for Fiscal Studies.
    18. Aguiar-Conraria, Luís & Martins, Manuel M.F. & Soares, Maria Joana, 2023. "The Phillips curve at 65: Time for time and frequency," Journal of Economic Dynamics and Control, Elsevier, vol. 151(C).
    19. Ethan Ilzetzki, 2024. "Fiscal Events and Anchored Inflation Expectations," Discussion Papers 2410, Centre for Macroeconomics (CFM).
    20. Javier García-Cicco, 2022. "Alternative Monetary-Policy Instruments and Limited Credibility: An Exploration," Working Papers 115, Red Nacional de Investigadores en Economía (RedNIE).
    21. Stefano Neri, 2025. "Energy prices, inflation and the ECB's monetary policy during the 2021-22 energy crisis," Temi di discussione (Economic working papers) 1481, Bank of Italy, Economic Research and International Relations Area.
    22. Coenen, Günter & Montes-Galdón, Carlos & Saint Guilhem, Arthur & Hutchinson, John & Motto, Roberto, 2022. "Rate forward guidance in an environment of large central bank balance sheets: a Eurosystem stock-taking assessment," Occasional Paper Series 290, European Central Bank.
    23. Rychalovska, Yuliya & Slobodyan, Sergey & Wouters, Raf, 2025. "Survey expectations, learning and inflation dynamics," European Economic Review, Elsevier, vol. 180(C).
    24. Stefano Gnocchi & Fanny McKellips & Rodrigo Sekkel & Laure Simon & Yinxi Xie & Yang Zhang, 2024. "The Output-Inflation Trade-off in Canada," Discussion Papers 2024-07, Bank of Canada.
    25. Richard K. Crump & Stefano Eusepi & Emanuel Moench & Bruce Preston, 2025. "How Do We Learn About the Long Run?," Staff Reports 1150, Federal Reserve Bank of New York.
    26. Hoffmann, Mathias & Pavlova, Lora & Mönch, Emanuel & Schultefrankenfeld, Guido, 2022. "Would households understand average inflation targeting?," Discussion Papers 17/2022, Deutsche Bundesbank.
    27. Marco Del Negro & Michele Lenza & Giorgio E. Primiceri & Andrea Tambalotti, 2020. "What’s up with the Phillips Curve?," NBER Working Papers 27003, National Bureau of Economic Research, Inc.
    28. Olena Kostyshyna & Tolga Özden & Yang Zhang, 2024. "Endogenous Credibility and Wage-Price Spirals," Staff Working Papers 24-14, Bank of Canada.
    29. Boeck, Maximilian & Zörner, Thomas O., 2025. "Natural gas prices, inflation expectations, and the pass-through to euro area inflation," Energy Economics, Elsevier, vol. 141(C).
    30. Christopher J. Gust & Edward P. Herbst & J. David López-Salido, 2024. "Inflation Expectations with Finite Horizon Planning," Finance and Economics Discussion Series 2024-063, Board of Governors of the Federal Reserve System (U.S.).
    31. Stéphane Dupraz & Magali Marx, 2023. "Anchoring Boundedly Rational Expectations," Working papers 936, Banque de France.
    32. Diegel, Max & Nautz, Dieter, 2021. "Long-term inflation expectations and the transmission of monetary policy shocks: Evidence from a SVAR analysis," Journal of Economic Dynamics and Control, Elsevier, vol. 130(C).
    33. Michele Andreolli & Hélène Rey, 2024. "Fiscal Consequences of Missing an Inflation Target," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 72(2), pages 701-772, June.
    34. Christina Anderl & Guglielmo Maria Caporale, 2024. "Functional shocks to inflation expectations and real interest rates and their macroeconomic effects," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 160(4), pages 1543-1575, November.
    35. Justin Svec & Daniel L. Tortorice, 2022. "Asserting Independence: Optimal Monetary Policy When the Central Bank and Political Authority Disagree," Working Papers 2201, College of the Holy Cross, Department of Economics.
    36. Gobbi, Lucio & Mazzocchi, Ronny & Tamborini, Roberto, 2025. "Inflation shocks and the New Keynesian model: When should central banks fear inflation expectations?," The North American Journal of Economics and Finance, Elsevier, vol. 80(C).
    37. Eusepi, Stefano & Gibbs, Chris & Preston, Bruce, 2021. "Forward guidance with unanchored expectations," Bank of Finland Research Discussion Papers 11/2021, Bank of Finland.
    38. Blagov, Boris & Guljanov, Gaygysyz & Kharazi, Aicha, 2024. "A Replication of Anchored Inflation Expectations," I4R Discussion Paper Series 174, The Institute for Replication (I4R).
    39. Coleman, Winnie & Nautz, Dieter, 2025. "Asymmetric inflation target credibility," CFS Working Paper Series 731, Center for Financial Studies (CFS).
    40. Tatsushi Okuda & Tomohiro Tsuruga, 2021. "Inflation Expectations and Central Bank Communication with Unknown Prior," IMES Discussion Paper Series 21-E-07, Institute for Monetary and Economic Studies, Bank of Japan.
    41. Ángelo Gutiérrez-Daza, 2024. "Business Cycles when Consumers Learn by Shopping," Working Papers 2024-12, Banco de México.
    42. Bems, Rudolfs & Caselli, Francesca & Grigoli, Francesco & Gruss, Bertrand, 2021. "Expectations' anchoring and inflation persistence," Journal of International Economics, Elsevier, vol. 132(C).
    43. Coleman, Winnie & Nautz, Dieter, 2020. "The credibility of the ECB's inflation target in times of Corona: New evidence from an online survey," Discussion Papers 2020/11, Free University Berlin, School of Business & Economics.
    44. Dizioli, Allan & Wang, Hou, 2024. "How do adaptive learning expectations rationalize stronger monetary policy response in Brazil?," Latin American Journal of Central Banking (previously Monetaria), Elsevier, vol. 5(1).
    45. Baumann, Ursel & Darracq Pariès, Matthieu & Westermann, Thomas & Riggi, Marianna & Bobeica, Elena & Meyler, Aidan & Böninghausen, Benjamin & Fritzer, Friedrich & Trezzi, Riccardo & Jonckheere, Jana & , 2021. "Inflation expectations and their role in Eurosystem forecasting," Occasional Paper Series 264, European Central Bank.
    46. Bonomo, Marco & Carvalho, Carlos & Eusepi, Stefano & Perrupato, Marina & Abib, Daniel & Ayres, João & Matos, Silvia, 2024. "Abrupt monetary policy change and unanchoring of inflation expectations," Journal of Monetary Economics, Elsevier, vol. 145(S).
    47. Coleman, Winnie & Nautz, Dieter, 2025. "Asymmetric inflation target credibility," Discussion Papers 2025/1, Free University Berlin, School of Business & Economics.
    48. Roberto Tamborini, 2024. "Inflation surprises in a New Keynesian economy with a “true” consumption function," Economic Inquiry, Western Economic Association International, vol. 62(3), pages 1192-1215, July.
    49. Coleman, Winnie & Nautz, Dieter, 2025. "Asymmetric inflation target credibility," Journal of International Money and Finance, Elsevier, vol. 157(C).
    50. Kryvtsov, Oleksiy & Petersen, Luba, 2021. "Central bank communication that works: Lessons from lab experiments," Journal of Monetary Economics, Elsevier, vol. 117(C), pages 760-780.
    51. Michael McMahon, 2024. "Lessons for Monetary Policy Communication: Communication, Getting Through and Expectation Formation," RBA Annual Conference Papers acp2024-01, Reserve Bank of Australia, revised May 2025.
    52. Gáti, Laura, 2023. "Monetary policy & anchored expectations—An endogenous gain learning model," Journal of Monetary Economics, Elsevier, vol. 140(S), pages 37-47.
    53. Sarantis Tsiaplias, 2024. "Inflation as a 'bad', heuristics and aggregate shocks: New evidence on expectation formation," Melbourne Institute Working Paper Series wp2024n03, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne.
    54. Koester, Gerrit & Lis, Eliza & Nickel, Christiane & Osbat, Chiara & Smets, Frank, 2021. "Understanding low inflation in the euro area from 2013 to 2019: cyclical and structural drivers," Occasional Paper Series 280, European Central Bank.
    55. Masuda, Kazuto, 2024. "The Special Theory of Employment, Exchange Rate, and Money With the Focus on Inflation and Technological Progress," SocArXiv nxshd, Center for Open Science.
    56. Winnie Coleman & Dieter Nautz, 2025. "Asymmetric Inflation Target Credibility," Berlin School of Economics Discussion Papers 0060, Berlin School of Economics.

  9. Stefano Eusepi & Marc P. Giannoni & Bruce Preston, 2017. "Some Implications of Learning for Price Stability," CAMA Working Papers 2017-08, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.

    Cited by:

    1. Mele, Antonio & Molnar, Krisztina & Santoro, Sergio, 2018. "On the perils of stabilizing prices when agents are learning," Discussion Paper Series in Economics 22/2018, Norwegian School of Economics, Department of Economics.
    2. André Marine Charlotte & Medina Espidio Sebastián, 2022. "Optimal Robust Monetary Policy in a Small Open Economy," Working Papers 2022-17, Banco de México.
    3. Dizioli, Allan & Wang, Hou, 2024. "How do adaptive learning expectations rationalize stronger monetary policy response in Brazil?," Latin American Journal of Central Banking (previously Monetaria), Elsevier, vol. 5(1).
    4. Svec, Justin & Tortorice, Daniel L., 2025. "Asserting independence: Optimal monetary policy when the central bank and political authority disagree," Journal of Macroeconomics, Elsevier, vol. 85(C).
    5. André Marine Charlotte & Dai Meixing, 2020. "The limits to robust monetary policy in a small open economy with learning agents," Working Papers 2020-12, Banco de México.
    6. Carvalho, Carlos & Eusepi, Stefano & , & Preston, Bruce, 2019. "Anchored Inflation Expectations," CEPR Discussion Papers 13900, C.E.P.R. Discussion Papers.
    7. André, Marine Charlotte & Espidio, Sebastián Medina, 2024. "Optimal robust monetary policy in a small open emerging-market economy," Latin American Journal of Central Banking (previously Monetaria), Elsevier, vol. 5(4).

  10. Stefano Eusepi & Bruce Preston, 2017. "Fiscal Foundations of Inflation: Imperfect Knowledge," CAMA Working Papers 2017-34, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.

    Cited by:

    1. Francesco Bianchi & Cosmin Ilut, 2014. "Monetary/Fiscal Policy Mix and Agents' Beliefs," NBER Working Papers 20194, National Bureau of Economic Research, Inc.
    2. Han, Zhao, 2021. "Low-frequency fiscal uncertainty," Journal of Monetary Economics, Elsevier, vol. 117(C), pages 639-657.
    3. Tsiaplias, Sarantis, 2020. "Time-Varying Consumer Disagreement and Future Inflation," Journal of Economic Dynamics and Control, Elsevier, vol. 116(C).
    4. Saroj Dhital & Pedro Gomis-Porqueras & Joseph H. Haslag, 2020. "Monetary and Fiscal Policy Interactions in a Frictional Model of Money, Nominal Public Debt and Banking," Working Papers 2002, Department of Economics, University of Missouri.
    5. Dominguez, Begona & Gomis-Porqueras, Pedro, 2016. "The Effects of Secondary Markets for Government Bonds on Inflation Dynamics," MPRA Paper 82444, University Library of Munich, Germany.
    6. Grimaud, Alex & Salle, Isabelle & Vermandel, Gauthier, 2025. "A Dynare toolbox for social learning expectations," Journal of Economic Dynamics and Control, Elsevier, vol. 172(C).
    7. Warne, Anders, 2023. "DSGE model forecasting: rational expectations vs. adaptive learning," Working Paper Series 2768, European Central Bank.
    8. Eric M. Leeper, 2016. "Should Central Banks Care About Fiscal Rules?," NBER Working Papers 22800, National Bureau of Economic Research, Inc.
    9. Dhital, Saroj & Gomis-Porqueras, Pedro & Haslag, Joseph H., 2021. "Monetary and fiscal policy interactions in a frictional model of fiat money, nominal public debt and banking," European Economic Review, Elsevier, vol. 139(C).
    10. Bianchi-Vimercati, Riccardo & Eichenbaum, Martin & Guerreiro, Joao, 2024. "Fiscal stimulus with imperfect expectations: Spending vs. tax policy," Journal of Economic Theory, Elsevier, vol. 217(C).
    11. Leeper, E.M. & Leith, C., 2016. "Understanding Inflation as a Joint Monetary–Fiscal Phenomenon," Handbook of Macroeconomics, in: J. B. Taylor & Harald Uhlig (ed.), Handbook of Macroeconomics, edition 1, volume 2, chapter 0, pages 2305-2415, Elsevier.
    12. John Cochrane, 2022. "A fiscal theory of monetary policy with partially repaid long-term debt," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 45, pages 1-21, July.
    13. Monica Laura Zlati & Valentin Marian Antohi & Romeo Victor Ionescu, 2019. "Approaches on the Vulnerability of Romania's Economy in Terms of Budget Deficit and Inflation in a Continuous Form," Risk in Contemporary Economy, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, pages 128-137.
    14. Javier García-Cicco, 2022. "Alternative Monetary-Policy Instruments and Limited Credibility: An Exploration," Working Papers 115, Red Nacional de Investigadores en Economía (RedNIE).
    15. Martin Geiger & Marios Zachariadis, 2019. "Assessing Expectations as a Monetary/Fiscal State-Dependent Phenomenon," University of Cyprus Working Papers in Economics 01-2019, University of Cyprus Department of Economics.
    16. Lustenhouwer, Joep & Salle, Isabelle, 2025. "Learning to be rational in the presence of news: A lab investigation," European Economic Review, Elsevier, vol. 172(C).
    17. Leeper, Eric M. & Zhou, Xuan, 2021. "Inflation’s role in optimal monetary-fiscal policy," Journal of Monetary Economics, Elsevier, vol. 124(C), pages 1-18.
    18. Martin Geiger & Marios Zachariadis, 2021. "Consumers' updating, policy shocks and public debt: An empirical assessment of state dependencies," Arbeitspapiere 69, Liechtenstein-Institut.
    19. Kliem, Martin & Kriwoluzky, Alexander & Sarferaz, Samad, 2016. "Monetary–fiscal policy interaction and fiscal inflation: A tale of three countries," European Economic Review, Elsevier, vol. 88(C), pages 158-184.
    20. Richard K. Crump & Stefano Eusepi & Emanuel Moench & Bruce Preston, 2025. "How Do We Learn About the Long Run?," Staff Reports 1150, Federal Reserve Bank of New York.
    21. Michael Woodford, 2013. "Macroeconomic Analysis without the Rational Expectations Hypothesis," NBER Working Papers 19368, National Bureau of Economic Research, Inc.
    22. Philippe Andrade & Erwan Gautier & Eric Mengus & Emanuel Münch & Tobias Schmidt, 2025. "Household Beliefs about Fiscal Dominance," Working papers 986, Banque de France.
    23. Max Breitenlechner & Martin Geiger & Mathias Klein, 2024. "The Fiscal Channel of Monetary Policy," Working Papers 2024-07, Faculty of Economics and Statistics, Universität Innsbruck.
    24. Elfsbacka Schmöller, Michaela & McClung, Nigel, 2024. "Can growth stabilize debt? A fiscal theory perspective," Bank of Finland Research Discussion Papers 2/2024, Bank of Finland, revised 2024.
    25. Vázquez, Jesús, 2025. "Misaligned expectations and bond term premium measures," The North American Journal of Economics and Finance, Elsevier, vol. 79(C).
    26. Eric M Leeper & Campbell Leith & Ding Liu, 2016. "Optimal Time-Consistent Monetary, Fiscal and Debt Maturity Policy," Working Papers 2016_04, Business School - Economics, University of Glasgow.
    27. Vázquez, Jesús & Aguilar, Pablo, 2021. "Adaptive learning with term structure information," European Economic Review, Elsevier, vol. 134(C).
    28. Richard K. Crump & Stefano Eusepi & Emanuel Moench & Bruce Preston, 2021. "The Term Structure of Expectations," Staff Reports 992, Federal Reserve Bank of New York.
    29. Pedro Gomis‐Porqueras, 2020. "Fiscal Requirements for Dynamic and Real Determinacies in Economies with Private Provision of Liquidity: A Monetarist Assessment," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 52(1), pages 229-267, February.
    30. Eminidou, Snezana & Geiger, Martin & Zachariadis, Marios, 2023. "Public debt and state-dependent effects of fiscal policy in the euro area," Journal of International Money and Finance, Elsevier, vol. 130(C).
    31. Bouabdallah, Othman & Jacquinot, Pascal & Patella, Valeria, 2023. "Monetary/fiscal policy regimes in post-war Europe," Working Paper Series 2871, European Central Bank.
    32. Svec, Justin & Tortorice, Daniel L., 2025. "Asserting independence: Optimal monetary policy when the central bank and political authority disagree," Journal of Macroeconomics, Elsevier, vol. 85(C).
    33. Malliaris, Anastasios G. & Malliaris, Mary E., 2023. "Where is the Euro Area headed? Restoration of price stability," Journal of Policy Modeling, Elsevier, vol. 45(4), pages 848-863.
    34. Sushant Acharya & Keshav Dogra, 2018. "Understanding HANK: Insights from a PRANK," 2018 Meeting Papers 539, Society for Economic Dynamics.
    35. André Marine Charlotte & Dai Meixing, 2020. "The limits to robust monetary policy in a small open economy with learning agents," Working Papers 2020-12, Banco de México.
    36. Efrem Castelnuovo & Guay C. Lim, 2018. "What Do We Know about the Macroeconomic Effects of Fiscal Policy? A Brief Survey of the Literature on Fiscal Multipliers," CESifo Working Paper Series 7366, CESifo.
    37. Vagliasindi,Maria & Gorgulu,Nisan, 2021. "What Have We Learned about the Effectiveness of Infrastructure Investment as a FiscalStimulus ? A Literature Review," Policy Research Working Paper Series 9796, The World Bank.
    38. Staffa, Ruben Marek & von Schweinitz, Gregor, 2023. "Fiscal policy under the eyes of wary bondholders," IWH Discussion Papers 26/2023, Halle Institute for Economic Research (IWH).
    39. Ciccarelli, Matteo & Darracq Pariès, Matthieu & Priftis, Romanos & Angelini, Elena & Bańbura, Marta & Bokan, Nikola & Fagan, Gabriel & Gumiel, José Emilio & Kornprobst, Antoine & Lalik, Magdalena & Mo, 2024. "ECB macroeconometric models for forecasting and policy analysis," Occasional Paper Series 344, European Central Bank.
    40. Cars Hommes & Kostas Mavromatis & Tolga Özden & Mei Zhu, 2022. "Behavioral Learning Equilibria in New Keynesian Models," Staff Working Papers 22-42, Bank of Canada.
    41. Fueki, Takuji & Hürtgen, Patrick & Walker, Todd B., 2024. "Zero-risk weights and capital misallocation," Journal of Financial Stability, Elsevier, vol. 72(C).

  11. Stefano Eusepi & Bruce Preston, 2016. "The Science of Monetary Policy: An Imperfect Knowledge Perspective," CAMA Working Papers 2016-07, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.

    Cited by:

    1. Cars Hommes & Robert Calvert Jump & Paul Levine, 2017. "Internal rationalityuyuyuy, heterogeneity and complexity in the New Keynesian model," Working Papers 20171706, Department of Accounting, Economics and Finance, Bristol Business School, University of the West of England, Bristol.
    2. Christian P Pinshi, 2022. "Ciblage des prévisions d'inflation : Un nouveau cadre pour la politique monétaire ?," Working Papers hal-03548273, HAL.
    3. Dobrew, Michael & Gerke, Rafael & Giesen, Sebastian & Röttger, Joost, 2023. "Make-Up Strategies with Incomplete Markets and Bounded Rationality," VfS Annual Conference 2023 (Regensburg): Growth and the "sociale Frage" 277697, Verein für Socialpolitik / German Economic Association.
    4. Giovanni Di Bartolomeo & Carolina Serpieri, 2025. "Robust optimal monetary policies in behavioral New Keynesian DSGE models," Working Papers in Public Economics 261, Department of Economics and Law, Sapienza University of Roma.
    5. Carrier, Alexandre & Mavromatis, Kostas, 2025. "Optimal normalization policy under behavioral expectations," Journal of Monetary Economics, Elsevier, vol. 153(C).
    6. Hannes Draack, 2018. "Monetary Policy with Imperfect Signals: The Target Problem in a New Monetarist Approach," ECON - Working Papers 296, Department of Economics - University of Zurich.
    7. Grimaud, Alex & Salle, Isabelle & Vermandel, Gauthier, 2025. "A Dynare toolbox for social learning expectations," Journal of Economic Dynamics and Control, Elsevier, vol. 172(C).
    8. Gasteiger, Emanuel, 2021. "Optimal constrained interest-rate rules under heterogeneous expectations," Journal of Economic Behavior & Organization, Elsevier, vol. 190(C), pages 287-325.
    9. Frédérique Bec & Patrick Kanda, 2019. "Is inflation driven by survey-based, VAR-based or myopic expectations?," Working Papers hal-02175836, HAL.
    10. Warne, Anders, 2023. "DSGE model forecasting: rational expectations vs. adaptive learning," Working Paper Series 2768, European Central Bank.
    11. Elton Beqiraj & Giovanni Di Bartolomeo & Marco Di Pietro & Carolina Serpieri, 2020. "Bounded rationality and heterogeneous expectations: Euler versus anticipated-utility approach," Journal of Economics, Springer, vol. 130(3), pages 249-273, August.
    12. Greta Meggiorini & Fabio Milani, 2021. "Behavioral New Keynesian Models: Learning vs. Cognitive Discounting," CESifo Working Paper Series 9039, CESifo.
    13. Iliopulos, Eleni & Perego, Erica & Sopraseuth, Thepthida, 2021. "International business cycles: Information matters," Journal of Monetary Economics, Elsevier, vol. 123(C), pages 19-34.
    14. Ilhan Kilic & Faruk Balli, 2024. "Measuring economic country-specific uncertainty in Türkiye," Empirical Economics, Springer, vol. 67(4), pages 1649-1689, October.
    15. Andrew Filardo & Paul Hubert & Phurichai Rungcharoenkitkul, 2019. "The reaction function channel of monetary policy and the financial cycle," Sciences Po Economics Publications (main) hal-03403260, HAL.
    16. Jump, Robert Calvert & Levine, Paul, 2019. "Behavioural New Keynesian models," Journal of Macroeconomics, Elsevier, vol. 59(C), pages 59-77.
    17. Eusepi, Stefano & Giannoni, Marc P. & Preston, Bruce, 2018. "Some implications of learning for price stability," European Economic Review, Elsevier, vol. 106(C), pages 1-20.
    18. Bec, Frédérique & Kanda, Patrick, 2020. "Is inflation driven by survey-based, VAR-based or myopic expectations? An empirical assessment from US real-time data," The North American Journal of Economics and Finance, Elsevier, vol. 51(C).
    19. Anufriev, Mikhail & Duffy, John & Panchenko, Valentyn, 2022. "Learning in two-dimensional beauty contest games: Theory and experimental evidence," Journal of Economic Theory, Elsevier, vol. 201(C).
    20. Javier García-Cicco, 2022. "Alternative Monetary-Policy Instruments and Limited Credibility: An Exploration," Working Papers 115, Red Nacional de Investigadores en Economía (RedNIE).
    21. Honkapohja, Seppo & Mitra, Kaushik, 2020. "Price level targeting with evolving credibility," Journal of Monetary Economics, Elsevier, vol. 116(C), pages 88-103.
    22. Vania Esady, 2022. "Real and nominal effects of monetary shocks under time-varying disagreement," Bank of England working papers 1007, Bank of England.
    23. Jonathan Benchimol & Lahcen Bounader, 2023. "Optimal monetary policy under bounded rationality," Post-Print emse-04624979, HAL.
    24. Rychalovska, Yuliya & Slobodyan, Sergey & Wouters, Raf, 2025. "Survey expectations, learning and inflation dynamics," European Economic Review, Elsevier, vol. 180(C).
    25. Cole, Stephen J., 2020. "The influence of learning and price-level targeting on central bank forward guidance," Journal of Macroeconomics, Elsevier, vol. 65(C).
    26. Mele, Antonio & Molnar, Krisztina & Santoro, Sergio, 2018. "On the perils of stabilizing prices when agents are learning," Discussion Paper Series in Economics 22/2018, Norwegian School of Economics, Department of Economics.
    27. Kamps, Christophe & Bussière, Matthieu & Niessner, Birgit & Tristani, Oreste & Christoffel, Kai & Kapadia, Sujit & Ferrero, Giuseppe & Gilbert, Niels & Vlassopoulos, Thomas & Motto, Roberto & Gerke, R, 2025. "Report on monetary policy tools, strategy and communication," Occasional Paper Series 372, European Central Bank.
    28. Gauti B. Eggertsson & Sergey K. Egiev, 2024. "Liquidity Traps: A Unified Theory of the Great Depression and Great Recession," NBER Working Papers 33195, National Bureau of Economic Research, Inc.
    29. Evans, George W. & McGough, Bruce, 2020. "Stable near-rational sunspot equilibria," Journal of Economic Theory, Elsevier, vol. 186(C).
    30. Martin Eichenbaum, 2023. "On the limits of rational expectations for policy analysis," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 56(4), pages 1221-1237, November.
    31. Alistair Macaulay, 2022. "Heterogeneous Information, Subjective Model Beliefs, and the Time-Varying Transmission of Shocks," CESifo Working Paper Series 9733, CESifo.
    32. Andres Blanco & Pablo Ottonello & Tereza Ranošová, 2024. "The Dynamics of Large Inflation Surges," FRB Atlanta Working Paper 2024-9, Federal Reserve Bank of Atlanta.
    33. Bodenstein, Martin & Hebden, James & Winkler, Fabian, 2022. "Learning and misperception of makeup strategies," Journal of Economic Dynamics and Control, Elsevier, vol. 139(C).
    34. Calvert Jump, Robert & Hommes, Cars & Levine, Paul, 2019. "Learning, heterogeneity, and complexity in the New Keynesian model," Journal of Economic Behavior & Organization, Elsevier, vol. 166(C), pages 446-470.
    35. Charemza, Wojciech & Díaz, Carlos & Makarova, Svetlana, 2019. "Quasi ex-ante inflation forecast uncertainty," International Journal of Forecasting, Elsevier, vol. 35(3), pages 994-1007.
    36. Martin Bodenstein & James Hebden & Fabian Winkler, 2019. "Learning and Misperception: Implications for Price-Level Targeting," Finance and Economics Discussion Series 2019-078, Board of Governors of the Federal Reserve System (U.S.).
    37. Poledna, Sebastian & Miess, Michael Gregor & Hommes, Cars & Rabitsch, Katrin, 2023. "Economic forecasting with an agent-based model," European Economic Review, Elsevier, vol. 151(C).
    38. Tatsushi Okuda & Tomohiro Tsuruga, 2021. "Inflation Expectations and Central Bank Communication with Unknown Prior," IMES Discussion Paper Series 21-E-07, Institute for Monetary and Economic Studies, Bank of Japan.
    39. Arifovic, Jasmina & Petersen, Luba, 2017. "Stabilizing expectations at the zero lower bound: Experimental evidence," Journal of Economic Dynamics and Control, Elsevier, vol. 82(C), pages 21-43.
    40. Ascari, Guido & Florio, Anna & Gobbi, Alessandro, 2017. "Transparency, expectations anchoring and inflation target," European Economic Review, Elsevier, vol. 91(C), pages 261-273.
    41. Schasfoort, Joeri & Godin, Antoine & Bezemer, Dirk & Caiani, Alessandro & Kinsella, Stephen, 2017. "Monetary Policy Transmission in a Macroeconomic Agent-Based Model," Research Report 17010-GEM, University of Groningen, Research Institute SOM (Systems, Organisations and Management).
    42. Donato Masciandaro & Oana Peia & Davide Romelli, 2022. "Central Bank Communication and Social Media: From Silence to Twitter," BAFFI CAREFIN Working Papers 22187, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    43. Ricardo Reis, 2020. "Comment on "Imperfect Expectations: Theory and Evidence"," NBER Chapters, in: NBER Macroeconomics Annual 2020, volume 35, pages 99-111, National Bureau of Economic Research, Inc.
    44. Caines, Colin & Winkler, Fabian, 2021. "Asset price beliefs and optimal monetary policy," Journal of Monetary Economics, Elsevier, vol. 123(C), pages 53-67.
    45. Gust, Christopher & Herbst, Edward & López-Salido, David, 2025. "Optimal monetary policy with uncertain private sector foresight," Journal of Monetary Economics, Elsevier, vol. 155(C).
    46. Assenza, T. & Heemeijer, P. & Hommes, C.H. & Massaro, D., 2021. "Managing self-organization of expectations through monetary policy: A macro experiment," Journal of Monetary Economics, Elsevier, vol. 117(C), pages 170-186.
    47. Özge Dilaver & Robert Calvert Jump & Paul Levine, 2018. "Agent‐Based Macroeconomics And Dynamic Stochastic General Equilibrium Models: Where Do We Go From Here?," Journal of Economic Surveys, Wiley Blackwell, vol. 32(4), pages 1134-1159, September.
    48. Mingli Chen & Andreas Joseph & Michael Kumhof & Xinlei Pan & Xuan Zhou, 2021. "Deep Reinforcement Learning in a Monetary Model," Papers 2104.09368, arXiv.org, revised Jan 2023.
    49. Goy, Gavin & Hommes, Cars & Mavromatis, Kostas, 2022. "Forward guidance and the role of central bank credibility under heterogeneous beliefs," Journal of Economic Behavior & Organization, Elsevier, vol. 200(C), pages 1240-1274.
    50. Georgios KARRAS, 2019. "“Twins” Or Just “Siblings”?Budget And Current Account Deficits In Europe, 1870-2013," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 19(1), pages 33-42.
    51. Gáti, Laura, 2022. "Monetary policy & anchored expectations: an endogenous gain learning model," Working Paper Series 2685, European Central Bank.
    52. Svec, Justin & Tortorice, Daniel L., 2025. "Asserting independence: Optimal monetary policy when the central bank and political authority disagree," Journal of Macroeconomics, Elsevier, vol. 85(C).
    53. Jean-Paul L'Huillier & Sanjay R. Singh & Donghoon Yoo, 2021. "Incorporating Diagnostic Expectations into the New Keynesian Framework," Working Papers 339, University of California, Davis, Department of Economics.
    54. Colin C. Caines & Fabian Winkler, 2018. "Asset Price Learning and Optimal Monetary Policy," International Finance Discussion Papers 1236, Board of Governors of the Federal Reserve System (U.S.).
    55. Andrea Civelli & Cary Deck & Antonella Tutino, 2019. "Rationally Inattentive Savers and Monetary Policy Changes: A Laboratory Experiment," Working Papers 1915, Federal Reserve Bank of Dallas.
    56. Robert G. King & Yang K. Lu, 2020. "Managing Expectations in the New Keynesian Model," HKUST CEP Working Papers Series 202007, HKUST Center for Economic Policy.
    57. Ina Hajdini, 2022. "Mis-specified Forecasts and Myopia in an Estimated New Keynesian Model," Working Papers 22-03R, Federal Reserve Bank of Cleveland, revised 06 Mar 2023.
    58. André Marine Charlotte & Dai Meixing, 2020. "The limits to robust monetary policy in a small open economy with learning agents," Working Papers 2020-12, Banco de México.
    59. Yuliya Rychalovska & Sergey Slobodyan & Raf Wouters, 2024. "Survey Expectations, Adaptive Learning and Inflation Dynamics," CERGE-EI Working Papers wp781, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
    60. Duffy, John & Shin, Michael, 2024. "Heterogeneous experience and constant-gain learning," Journal of Economic Dynamics and Control, Elsevier, vol. 164(C).
    61. Efrem Castelnuovo & Guay C. Lim, 2018. "What Do We Know about the Macroeconomic Effects of Fiscal Policy? A Brief Survey of the Literature on Fiscal Multipliers," CESifo Working Paper Series 7366, CESifo.
    62. Tsz H. Hung & Yum K. Kwan, 2022. "Hong Kong's New Keynesian Phillips Curve: Sticky information or sticky price?," Pacific Economic Review, Wiley Blackwell, vol. 27(1), pages 42-55, February.
    63. Michael McMahon, 2024. "Lessons for Monetary Policy Communication: Communication, Getting Through and Expectation Formation," RBA Annual Conference Papers acp2024-01, Reserve Bank of Australia, revised May 2025.
    64. Grimaud, Alex, 2021. "Precautionary saving and un-anchored expectations," MPRA Paper 108931, University Library of Munich, Germany.
    65. Christophe Blot & Jérôme Creel & Paul Hubert, 2019. "Thoughts on a review of the ECB's monetary policy strategy," Sciences Po Economics Publications (main) hal-03403251, HAL.
    66. Vagliasindi,Maria & Gorgulu,Nisan, 2021. "What Have We Learned about the Effectiveness of Infrastructure Investment as a FiscalStimulus ? A Literature Review," Policy Research Working Paper Series 9796, The World Bank.
    67. Branch, William A. & Gasteiger, Emanuel, 2019. "Endogenously (non-)Ricardian beliefs," ECON WPS - Working Papers in Economic Theory and Policy 03/2019, TU Wien, Institute of Statistics and Mathematical Methods in Economics, Economics Research Unit.
    68. Grimaud, Alex, 2021. "Precautionary saving and un-anchored expectations," MPRA Paper 110651, University Library of Munich, Germany.
    69. Fudenberg, Drew & Lanzani, Giacomo & Strack, Philipp, 2023. "Pathwise concentration bounds for Bayesian beliefs," Theoretical Economics, Econometric Society, vol. 18(4), November.
    70. Karras, Georgios, 2019. "Are “twin deficits” asymmetric? Evidence on government budget and current account balances, 1870–2013," International Economics, Elsevier, vol. 158(C), pages 12-24.
    71. Meggiorini, Greta, 2023. "Behavioral New Keynesian Models: An empirical assessment," Journal of Macroeconomics, Elsevier, vol. 77(C).

  12. Giannoni, Marc & Preston, Bruce & Eusepi, Stefano, 2012. "Long-Term Debt Pricing and Monetary Policy Transmission under Imperfect Knowledge," CEPR Discussion Papers 8845, C.E.P.R. Discussion Papers.

    Cited by:

    1. Stefano Eusepi & Bruce Preston, 2013. "Fiscal foundations of inflation: imperfect knowledge," Staff Reports 649, Federal Reserve Bank of New York.
    2. Seppo Honkapohja & Kaushik Mitra & George Evans, 2017. "Expectations, Stagnation and Fiscal Policy," 2017 Meeting Papers 160, Society for Economic Dynamics.
    3. Piero Ferri & Fabio Tramontana, 2018. "Debt Persistence in a Deflationary Environment: A Regime-Switching Model," Computational Economics, Springer;Society for Computational Economics, vol. 52(2), pages 421-442, August.
    4. Molnár, Krisztina & Santoro, Sergio, 2014. "Optimal monetary policy when agents are learning," European Economic Review, Elsevier, vol. 66(C), pages 39-62.
    5. Alejandro Justiniano & Giorgio E. Primiceri & Andrea Tambalotti, 2013. "The Effects of the saving and banking glut on the U.S. economy," Staff Reports 648, Federal Reserve Bank of New York.

  13. Bruce Preston & Stefano Eusepi, 2011. "The maturity structure of debt, monetary policy and expectations stabilization," 2011 Meeting Papers 1287, Society for Economic Dynamics.

    Cited by:

    1. Tatiana Kirsanova & Campbell Leith & Ding Liu, 2024. "Central Bank Independence, Government Debt and the Re-Normalization of Interest Rates," Working Papers 2024_10, Business School - Economics, University of Glasgow.
    2. Vasco Curdia & Andrea Ferrero & Han Chen, 2012. "The Macroeconomic Effects of Large-Scale Asset Purchase Programs," 2012 Meeting Papers 372, Society for Economic Dynamics.
    3. Eusepi, Stefano & Preston, Bruce, 2011. "Learning the fiscal theory of the price level: Some consequences of debt-management policy," Journal of the Japanese and International Economies, Elsevier, vol. 25(4), pages 358-379.
    4. Eric M Leeper & Campbell Leith & Ding Liu, 2016. "Optimal Time-Consistent Monetary, Fiscal and Debt Maturity Policy," Working Papers 2016_04, Business School - Economics, University of Glasgow.
    5. Das, Piyali, 2021. "Fiscal financing components in a simple model of policy interaction," Economic Modelling, Elsevier, vol. 96(C), pages 257-276.
    6. Leonardo Melosi & Francesco Bianchi, 2012. "Dormant Shocks and Fiscal Virtue," 2012 Meeting Papers 44, Society for Economic Dynamics.

  14. Stefano Eusepi & Bruce Preston, 2011. "Learning the fiscal theory of the price level: some consequences of debt management policy," Staff Reports 515, Federal Reserve Bank of New York.

    Cited by:

    1. Dominguez, Begona & Gomis-Porqueras, Pedro, 2016. "The Effects of Secondary Markets for Government Bonds on Inflation Dynamics," MPRA Paper 82444, University Library of Munich, Germany.
    2. Josef Hollmayr & Christian Matthes, 2013. "Learning about fiscal policy and the effects of policy uncertainty," Working Paper 13-15, Federal Reserve Bank of Richmond.
    3. William Irungu Ng'Ang'A & Julien Chevallier & Simon Wagura Ndiritu, 2019. "Investigating Fiscal and Monetary Policies Coordination and Public Debt in Kenya: Evidence from regime-switching and self-exciting threshold autoregressive models," Working Papers halshs-02156495, HAL.
    4. Bello, Abdulmajeed Kumo & Joshua Adams Ndako & Yusuf, Fadimah & Amodu Amina Ejura, 2023. "Fiscal Dominance and Monetary Policy Efficacy in Nigeria," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 7(10), pages 857-877, October.
    5. de Mendonça, Helder Ferreira & Nicolay, Rodolfo Tomás da Fonseca, 2017. "Is communication clarity from fiscal authority useful? Evidence from an emerging economy," Journal of Policy Modeling, Elsevier, vol. 39(1), pages 35-51.
    6. Eric M. Leeper & Todd B. Walker, 2012. "Perceptions and Misperceptions of Fiscal Inflation," NBER Chapters, in: Fiscal Policy after the Financial Crisis, pages 255-299, National Bureau of Economic Research, Inc.
    7. Hollmayr, Josef & Matthes, Christian, 2014. "Dynamics of Monetary-Fiscal Interaction under Learning," VfS Annual Conference 2014 (Hamburg): Evidence-based Economic Policy 100609, Verein für Socialpolitik / German Economic Association.
    8. Dominguez, Begona & Gomis-Porqueras, Pedro, 2016. "The Effects of Secondary Markets and Unsecured Credit on Inflation Dynamics," MPRA Paper 75096, University Library of Munich, Germany.
    9. Josef Hollmayr & Christian Matthes, 2015. "Tales of Transition Paths: Policy Uncertainty and Random Walks," Working Paper 15-11, Federal Reserve Bank of Richmond.
    10. André, Marine C. & Armijo, Alberto & Espidio, Sebastián Medina & Sandoval, Jamel, 2023. "Policy mix in a small open emerging economy with commodity prices," Latin American Journal of Central Banking (previously Monetaria), Elsevier, vol. 4(1).
    11. Eric M. Leeper, 2013. "Fiscal Limits and Monetary Policy," NBER Working Papers 18877, National Bureau of Economic Research, Inc.
    12. Helder Ferreira De Mendonça & Rodolfo Tomás Da Fonseca Nicolay, 2018. "Effect Of The Communication And Clarity Of The Fiscal Authority On Market Expectations: Evidence From The Brazilian Economy," Anais do XLIV Encontro Nacional de Economia [Proceedings of the 44th Brazilian Economics Meeting] 65, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    13. Branch, William A. & Gasteiger, Emanuel, 2019. "Endogenously (non-)Ricardian beliefs," ECON WPS - Working Papers in Economic Theory and Policy 03/2019, TU Wien, Institute of Statistics and Mathematical Methods in Economics, Economics Research Unit.
    14. Christopher Gibbs & Nigel McClung, 2023. "Does my model predict a forward guidance puzzle?," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 393-423, December.
    15. Moises S. Andrade & Tiago Berriel, 2016. "Is There an Output Free Lunch for Fiscal Inationary Policies?," Textos para discussão 650, Department of Economics PUC-Rio (Brazil).

  15. Stefano Eusepi & Bruce Preston, 2010. "Debt, Policy Uncertainty and Expectations Stabilization," CAMA Working Papers 2010-20, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.

    Cited by:

    1. Tatiana Kirsanova & Campbell Leith & Ding Liu, 2024. "Central Bank Independence, Government Debt and the Re-Normalization of Interest Rates," Working Papers 2024_10, Business School - Economics, University of Glasgow.
    2. George W. Evans & Seppo Honkapohja & Kaushik Mitra, 2022. "Expectations, Stagnation, And Fiscal Policy: A Nonlinear Analysis," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 63(3), pages 1397-1425, August.
    3. Alexander W. Richter, 2013. "The Fiscal Limit and Non-Ricardian Consumers," Auburn Economics Working Paper Series auwp2013-19, Department of Economics, Auburn University.
    4. Bruce Preston, 2013. "Comment on "Dormant Shocks and Fiscal Virtue"," NBER Chapters, in: NBER Macroeconomics Annual 2013, Volume 28, pages 47-58, National Bureau of Economic Research, Inc.
    5. Eusepi, Stefano & Giannoni, Marc P. & Preston, Bruce, 2018. "Some implications of learning for price stability," European Economic Review, Elsevier, vol. 106(C), pages 1-20.
    6. Hollmayr, Josef & Matthes, Christian, 2015. "Learning about fiscal policy and the effects of policy uncertainty," Journal of Economic Dynamics and Control, Elsevier, vol. 59(C), pages 142-162.
    7. Eric M. Leeper, 2010. "Monetary Science, Fiscal Alchemy," NBER Working Papers 16510, National Bureau of Economic Research, Inc.
    8. Gasteiger, Emanuel, 2016. "Do heterogeneous expectations constitute a challenge for policy interaction?," Discussion Papers 2016/14, Free University Berlin, School of Business & Economics.
    9. Michael Woodford, 2013. "Macroeconomic Analysis without the Rational Expectations Hypothesis," NBER Working Papers 19368, National Bureau of Economic Research, Inc.
    10. Jacob Engwerda & Bas van Aarle & Arie Weeren & Bas Van Aarle, 2015. "Debt Stabilization and Debt Mutualization in a Monetary Union with Endogenous Risk Premia," CESifo Working Paper Series 5564, CESifo.
    11. Elfsbacka Schmöller, Michaela & McClung, Nigel, 2024. "Can growth stabilize debt? A fiscal theory perspective," Bank of Finland Research Discussion Papers 2/2024, Bank of Finland, revised 2024.
    12. Margaret M. Jacobson & Eric M. Leeper & Bruce Preston, 2019. "Recovery of 1933," NBER Working Papers 25629, National Bureau of Economic Research, Inc.
    13. Troy Davig & Eric M Leeper, 2011. "Temporarily Unstable Government Debt and Inflation," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 59(2), pages 233-270, June.
    14. George W. Evans & Seppo Honkapohja & Kaushik Mitra, 2012. "Does Ricardian Equivalence Hold When Expectations Are Not Rational?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 44(7), pages 1259-1283, October.
    15. By Anna Florio & Alessandro Gobbi, 2015. "Learning the monetary/fiscal interaction under trend inflation," Oxford Economic Papers, Oxford University Press, vol. 67(4), pages 1146-1164.
    16. Richard K. Crump & Stefano Eusepi & Emanuel Moench & Bruce Preston, 2021. "The Term Structure of Expectations," Staff Reports 992, Federal Reserve Bank of New York.
    17. James Bullard & Stefano Eusepi, 2014. "When Does Determinacy Imply Expectational Stability?," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 55(1), pages 1-22, February.
    18. Sinha, Arunima, 2015. "Government debt, learning and the term structure," Journal of Economic Dynamics and Control, Elsevier, vol. 53(C), pages 268-289.
    19. van Aarle, Bas & Engwerda, Jacob & Weeren, Arie, 2018. "Effects of debt mutualization in a monetary union with endogenous risk premia: Can Eurobonds contribute to debt stabilization?," Structural Change and Economic Dynamics, Elsevier, vol. 44(C), pages 100-114.
    20. Stefano Eusepi & Marc Giannoni & Bruce Preston, 2012. "Long-term debt pricing and monetary policy transmission under imperfect knowledge," Staff Reports 547, Federal Reserve Bank of New York.
    21. Caprioli, Francesco, 2015. "Optimal fiscal policy under learning," Journal of Economic Dynamics and Control, Elsevier, vol. 58(C), pages 101-124.
    22. Branch, William A. & Gasteiger, Emanuel, 2019. "Endogenously (non-)Ricardian beliefs," ECON WPS - Working Papers in Economic Theory and Policy 03/2019, TU Wien, Institute of Statistics and Mathematical Methods in Economics, Economics Research Unit.
    23. Eric M. Leeper & Todd B. Walker, 2011. "Fiscal Limits in Advanced Economies," NBER Working Papers 16819, National Bureau of Economic Research, Inc.
    24. Lamla, Michael J. & Vinogradov, Dmitri V., 2019. "Central bank announcements: Big news for little people?," Journal of Monetary Economics, Elsevier, vol. 108(C), pages 21-38.

  16. Stefano Eusepi & Bruce Preston, 2009. "Consumption heterogeneity, employment dynamics, and macroeconomic co-movement," Staff Reports 399, Federal Reserve Bank of New York.

    Cited by:

    1. Dongweon Lee & Yena Park, 2022. "Utility Curvature and Unemployment Volatility," Korean Economic Review, Korean Economic Association, vol. 38, pages 347-379.
    2. Collard, Fabrice & Dellas, Harris & Angeletos, George-Marios, 2020. "Business Cycle Anatomy," TSE Working Papers 20-1065, Toulouse School of Economics (TSE).
    3. Munechika Katayama & Kwang Hwan Kim, 2015. "Inter-sectoral Labor Immobility, Sectoral Co-movement, and News Shocks," Discussion papers e-15-011, Graduate School of Economics , Kyoto University.
    4. Piero Ferri, 2011. "Macroeconomics of Growth Cycles and Financial Instability," Books, Edward Elgar Publishing, number 14260, March.
    5. Stefano Eusepi & Bruce Preston, 2011. "Expectations, Learning, and Business Cycle Fluctuations," American Economic Review, American Economic Association, vol. 101(6), pages 2844-2872, October.
    6. Adrien Auclert & Bence Bardóczy & Matthew Rognlie, 2020. "MPCs, MPEs and Multipliers: A Trilemma for New Keynesian Models," NBER Working Papers 27486, National Bureau of Economic Research, Inc.
    7. Piero Ferri & Annalisa Cristini & Anna Maria Variato, 2019. "Growth, unemployment and heterogeneity," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 14(3), pages 573-593, September.
    8. Francesco Furlanetto & Martin Seneca, 2010. "Investment-specific technology shocks and consumption," Working Paper 2010/30, Norges Bank.
    9. Hashmat Khan & John Tsoukalas, 2010. "Investment shocks and the comovement problem," Post-Print hal-00753046, HAL.
    10. Daeha Cho, 2023. "Unemployment risk, MPC heterogeneity, and business cycles," Quantitative Economics, Econometric Society, vol. 14(2), pages 717-751, May.
    11. Ruy Lama & Gustavo Leyva & Carlos Urrutia, 2022. "Labor Market Policies and Business Cycles in Emerging Economies," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 70(2), pages 300-337, June.
    12. Ilut, Cosmin & Saijo, Hikaru, 2021. "Learning, confidence, and business cycles," Journal of Monetary Economics, Elsevier, vol. 117(C), pages 354-376.
    13. Benjamin Caswell, 2021. "Investment Shocks," Working Papers 335109180, Lancaster University Management School, Economics Department.
    14. Babette Jansen & Roland Winkler, 2024. "Household Heterogeneity, Nonseparable Preferences, and the Taylor Principle," Jena Economics Research Papers 2024-006, Friedrich-Schiller-University Jena.
    15. Kuan‐Jen Chen & Ching‐Chong Lai, 2015. "On‐the‐Job Learning and News‐Driven Business Cycles," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 47(2-3), pages 261-294, March.
    16. Charalampidis, Nikolaos, 2022. "Top income shares, inequality, and business cycles: United States, 1957–2016," European Economic Review, Elsevier, vol. 150(C).
    17. Paul Beaudry & Franck Portier, 2014. "News-Driven Business Cycles: Insights and Challenges," Journal of Economic Literature, American Economic Association, vol. 52(4), pages 993-1074, December.
    18. Florin O. Bilbiie, 2011. "Nonseparable Preferences, Frisch Labor Supply, and the Consumption Multiplier of Government Spending: One Solution to a Fiscal Policy Puzzle," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(1), pages 221-251, February.
    19. Kilponen, Juha & Vilmunen, Jouko & Vähämaa, Oskari, 2022. "Revisiting intertemporal elasticity of substitution in a sticky price model," Journal of Economic Dynamics and Control, Elsevier, vol. 144(C).
    20. Luca Guerrieri & Dale Henderson & Jinill Kim, 2020. "Interpreting shocks to the relative price of investment with a two‐sector model," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 35(1), pages 82-98, January.
    21. Francesco Furlanetto & Gisle J. Natvik & Martin Seneca, 2011. "Investment shocks and macroeconomic co-movement," Working Paper 2011/14, Norges Bank.
    22. Eusepi, Stefano & Preston, Bruce, 2015. "Consumption heterogeneity, employment dynamics and macroeconomic co-movement," Journal of Monetary Economics, Elsevier, vol. 71(C), pages 13-32.

  17. Stefano Eusepi & Bruce Preston, 2009. "Labor Supply Heterogeneity and Macroeconomic Co-movement," NBER Working Papers 15561, National Bureau of Economic Research, Inc.

    Cited by:

    1. Hashmat Khan & John Tsoukalas, 2009. "Investment Shocks and the Comovement Problem," Carleton Economic Papers 09-09, Carleton University, Department of Economics, revised 09 Aug 2010.
    2. Fransesco Furlanetto & Martin Seneca, 2010. "Investment-specific technology shocks and consumption," Economics wp49, Department of Economics, Central bank of Iceland.
    3. Munechika Katayama & Kwang Hwan Kim, 2015. "Inter-sectoral Labor Immobility, Sectoral Co-movement, and News Shocks," Discussion papers e-15-011, Graduate School of Economics , Kyoto University.
    4. Piero Ferri, 2011. "Macroeconomics of Growth Cycles and Financial Instability," Books, Edward Elgar Publishing, number 14260, March.
    5. Paul Beaudry & Franck Portier, 2013. "Understanding Noninflationary Demand-Driven Business Cycles," NBER Chapters, in: NBER Macroeconomics Annual 2013, Volume 28, pages 69-130, National Bureau of Economic Research, Inc.
    6. Stefano Eusepi & Bruce Preston, 2011. "Expectations, Learning, and Business Cycle Fluctuations," American Economic Review, American Economic Association, vol. 101(6), pages 2844-2872, October.
    7. Tambalotti, Andrea & Primiceri, Giorgio & Justiniano, Alejandro, 2009. "Investment Shocks and the Relative Price of Investment," CEPR Discussion Papers 7598, C.E.P.R. Discussion Papers.
    8. Alejandro Justiniano & Giorgio E. Primiceri & Andrea Tambalotti, 2009. "Investment Shocks and Business Cycles," NBER Working Papers 15570, National Bureau of Economic Research, Inc.
    9. Beaudry, Paul & Portier, Franck, 2012. "A gains from trade perspective on macroeconomic fluctuations," ZEW Discussion Papers 12-002, ZEW - Leibniz Centre for European Economic Research.
    10. Alejandro Justiniano & Claudio Michelacci, 2011. "The Cyclical Behavior of Equilibrium Unemployment and Vacancies in the United States and Europe," NBER Chapters, in: NBER International Seminar on Macroeconomics 2011, pages 169-235, National Bureau of Economic Research, Inc.
    11. Oscar Pavlov & Mark Weder, 2013. "Countercyclical Markups and News-Driven Business Cycles," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 16(2), pages 371-382, April.
    12. Juan Carlos Castro Fernández & Juan Carlos Castro Fern�ndez, 2022. "Big Recessions and Slow Recoveries," Documentos de Trabajo UEC 20128, Universidad Externado de Colombia.
    13. Ambrogio Cesa-Bianchi & Emilio Fernandez-Corugedo, 2014. "Uncertainty in a model with credit frictions," Bank of England working papers 496, Bank of England.
    14. Furlanetto, Francesco & Natvik, Gisle J. & Seneca, Martin, 2013. "Investment shocks and macroeconomic co-movement," Journal of Macroeconomics, Elsevier, vol. 37(C), pages 208-216.
    15. Paul Beaudry & Franck Portier, 2014. "News Driven Business Cycles: Insights and Challenges," 2014 Meeting Papers 289, Society for Economic Dynamics.
    16. Francesco Furlanetto & Martin Seneca, 2011. "New perspectives on depreciation shocks as a source of business cycle fluctuations," Working Paper 2011/02, Norges Bank.
    17. Kuan‐Jen Chen & Ching‐Chong Lai, 2015. "On‐the‐Job Learning and News‐Driven Business Cycles," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 47(2-3), pages 261-294, March.
    18. Florin O. Bilbiie, 2011. "Nonseparable Preferences, Frisch Labor Supply, and the Consumption Multiplier of Government Spending: One Solution to a Fiscal Policy Puzzle," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(1), pages 221-251, February.
    19. Bee-Lon Chen & Shian-Yu Liao, 2017. "Durable Goods, Investment Shocks and the Comovement Problem," IEAS Working Paper : academic research 17-A007, Institute of Economics, Academia Sinica, Taipei, Taiwan.
    20. Alejandro Justiniano & Claudio Michelacci, 2011. "The Cyclical Behavior of Equilibrium Unemployment and Vacancies in the US and Europe," NBER Working Papers 17429, National Bureau of Economic Research, Inc.
    21. Pappa, Evi & Ben Zeev, Nadav, 2014. "Chronicle of a War Foretold: The Macroeconomic Effects of Anticipated Defense Spending Shocks," CEPR Discussion Papers 9948, C.E.P.R. Discussion Papers.
    22. Ryo Jinnai, 2011. "News Shocks, Price Levels, and Monetary Policy," Global COE Hi-Stat Discussion Paper Series gd10-173, Institute of Economic Research, Hitotsubashi University.
    23. Stefano Gnocchi & Daniela Hauser & Evi Pappa, 2014. "Housework and Fiscal Expansions," Staff Working Papers 14-34, Bank of Canada.
    24. Campos, Rodolfo G. & Reggio, Iliana & García-Píriz, Dionisio, 2012. "Micro vs. macro consumption data : the cyclical properties of the consumer expenditure survey," UC3M Working papers. Economics we1220, Universidad Carlos III de Madrid. Departamento de Economía.
    25. Munechika Katayama & Kwang Hwan Kim, 2010. "Costly Labor Reallocation, Non-Separable Preferences, and Expectation Driven Business Cycles," Departmental Working Papers 2010-05, Department of Economics, Louisiana State University.
    26. Eusepi, Stefano & Preston, Bruce, 2015. "Consumption heterogeneity, employment dynamics and macroeconomic co-movement," Journal of Monetary Economics, Elsevier, vol. 71(C), pages 13-32.

  18. Alejandro Justiniano & Bruce Preston, 2009. "Monetary policy and uncertainty in an empirical small open economy model," Working Paper Series WP-09-21, Federal Reserve Bank of Chicago.

    Cited by:

    1. Hermawan, Danny & Lie, Denny & Sasongko, Aryo & Yusan, Richard, 2023. "Money velocity, digital currency, and inflation dynamics," MPRA Paper 116906, University Library of Munich, Germany.
    2. Gregor Bäurle & Daniel Kaufmann, 2014. "Exchange rate and price dynamics in a small open economy - the role of the zero lower bound and monetary policy regimes," Working Papers 2014-10, Swiss National Bank.
    3. Kostas Mavromatis, 2020. "Finite Horizons and the Monetary/Fiscal Policy Mix," International Journal of Central Banking, International Journal of Central Banking, vol. 16(4), pages 327-378, September.
    4. Lie, Denny & Yadav, Anirudh S., 2015. "Time-Varying Trend Inflation and the New Keynesian Phillips Curve in Australia," Working Papers 2015-14, University of Sydney, School of Economics.
    5. Leonardo Melosi & Giorgio Primiceri & Andrea Tambalotti, 2021. "Introduction to the Special Issue in Memory of Alejandro Justiniano," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 41, pages 1-3, July.
    6. Thomas von Brasch & Ivan Frankovic & Eero Tölö, 2021. "Corporate taxes, investment and the self-financing rate. The effect of location decisions and exports," Discussion Papers 955, Statistics Norway, Research Department.
    7. Boris Blagov, 2013. "Financial crises and time- varying risk premia in a small open economy: a Markov-Switching DSGE model for Estonia," Bank of Estonia Working Papers wp2013-8, Bank of Estonia, revised 09 Dec 2013.
    8. Callum Jones & Mariano Kulish & Daniel M. Rees, 2018. "International Spillovers of Forward Guidance Shocks," IMF Working Papers 2018/114, International Monetary Fund.
    9. Yulei Luo & Jun Nie & Eric R. Young, 2013. "Robust Control, Informational Frictions, and International Consumption Correlations," Working Papers 212013, Hong Kong Institute for Monetary Research.
    10. Caraiani, Petre, 2013. "Comparing monetary policy rules in CEE economies: A Bayesian approach," Economic Modelling, Elsevier, vol. 32(C), pages 233-246.
    11. Kaufmann, Daniel & Bäurle, Gregor, 2013. "Exchange Rate and Price Dynamics at the Zero Lower Bound," VfS Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order 79872, Verein für Socialpolitik / German Economic Association.
    12. Kolasa, Marcin & Ravgotra, Sahil & Zabczyk, Pawel, 2025. "Monetary policy and exchange rate dynamics in a behavioral open economy model," Journal of International Economics, Elsevier, vol. 155(C).
    13. Mikayel Melkumyan Haykaz Igityan & Maria Sahakyan & Frida Baharyan, 2023. "Introducing Educational Reforms in Neoclassical Model," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 6, pages 41-53.
    14. Andreza Aparecida Palma & Marcelo Savino Portugal, 2014. "Preferences Of The Central Bank Of Brazil Under The Inflation Targeting Regime: Estimation Using A Dsge Model For A Small Open Economy," Anais do XLI Encontro Nacional de Economia [Proceedings of the 41st Brazilian Economics Meeting] 055, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    15. SENBETA, Sisay Regassa, 2013. "Foreign exchange constraints and macroeconomic dynamics in a small open economy," Working Papers 2013023, University of Antwerp, Faculty of Business and Economics.
    16. Uluc Aysun & Sami Alpanda, 2020. "Regulatory Arbitrage and Economic Stability," Working Papers 2020-02, University of Central Florida, Department of Economics.
    17. Uluc Aysun & Sami Alpanda, 2012. "International Transmission of Financial Shocks in an Estimated DSGE model," Working Papers 2012-06, University of Central Florida, Department of Economics.
    18. Michael Funke & Robert Kirkby & Petar Mihaylovski, 2017. "House Prices and Macroprudential Policy in an Estimated DSGE Model of New Zealand," CESifo Working Paper Series 6487, CESifo.
    19. Sami Alpanda & Kevin Kotzé & Geoffrey Woglom, 2010. "The Role Of The Exchange Rate In A New Keynesian Dsge Model For The South African Economy," South African Journal of Economics, Economic Society of South Africa, vol. 78(2), pages 170-191, June.
    20. Lin, Yi Chun, 2021. "Business cycle fluctuations in Taiwan — A Bayesian DSGE analysis," Journal of Macroeconomics, Elsevier, vol. 70(C).
    21. Jin Cheng & Meixing Dai & Frédéric Dufourt, 2014. "Banking and Sovereign Debt Crises in Monetary Union Without Central Bank Intervention," Working Papers of BETA 2014-05, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    22. Vasco Curdia & Daria Finocchiaro, 2012. "Monetary Regime Change and Business Cycles," Working Paper Series 2013-02, Federal Reserve Bank of San Francisco.
    23. Robert Kollmann, 2012. "Global Banks, Financial Shocks and International Business Cycles: Evidence from Estimated Models," 2012 Meeting Papers 840, Society for Economic Dynamics.
    24. Mansur, Alfan & Liu, Yichang & Zaman, Kazi Arif Uz, 2015. "Portfolio Shocks and the Dynamics of the Real Economy of Australia (1980-2014): A Structural Vector Autoregressive Model Approach," MPRA Paper 93992, University Library of Munich, Germany, revised 17 May 2015.
    25. Kamber, Gunes & McDonald, Chris & Sander, Nick & Theodoridis, Konstantinos, 2016. "Modelling the business cycle of a small open economy: The Reserve Bank of New Zealand's DSGE model," Economic Modelling, Elsevier, vol. 59(C), pages 546-569.
    26. Meher Manzur, 2018. "Exchange rate economics is always and everywhere controversial," Applied Economics, Taylor & Francis Journals, vol. 50(3), pages 216-232, January.
    27. Hansen, James & Gross, Isaac, 2018. "Commodity price volatility with endogenous natural resources," European Economic Review, Elsevier, vol. 101(C), pages 157-180.
    28. Boldea, O. & Engwerda, J.C. & Michalak, T. & Plasmans, J.E.J. & Salmah, S., 2011. "A Simulation Study of an ASEAN Monetary Union (Replaces CentER DP 2010-100)," Discussion Paper 2011-098, Tilburg University, Center for Economic Research.
    29. Tatiana Kirsanova & Celsa Machado & Ana Paula Ribeiro, 2017. "Should the ECB coordinate EMU fiscal policies?," Working Papers 2018_02, Business School - Economics, University of Glasgow.
    30. Adolfson, Malin & Laséen, Stefan & Lindé, Jesper & Ratto, Marco, 2018. "Identification Versus Misspecification in New Keynesian Monetary Policy Models," Working Paper Series 362, Sveriges Riksbank (Central Bank of Sweden).
    31. Zamarripa, Rene, 2024. "Parameter instabilities and monetary policy in a small open economy: Evidence from an estimated model for the UK," International Review of Economics & Finance, Elsevier, vol. 96(PB).
    32. Lees, Kirdan & Matheson, Troy & Smith, Christie, 2011. "Open economy forecasting with a DSGE-VAR: Head to head with the RBNZ published forecasts," International Journal of Forecasting, Elsevier, vol. 27(2), pages 512-528.
    33. Herwartz, Helmut & Roestel, Jan, 2017. "Mundell’s trilemma: Policy trade-offs within the middle ground," Journal of International Money and Finance, Elsevier, vol. 75(C), pages 1-13.
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    36. Philip Liu & Haroon Mumtaz, 2011. "Evolving Macroeconomic Dynamics in a Small Open Economy: An Estimated Markov Switching DSGE Model for the UK," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(7), pages 1443-1474, October.
    37. Afrin, Sadia, 2020. "Does oligopolistic banking friction amplify small open economy's business cycles? Evidence from Australia," Economic Modelling, Elsevier, vol. 85(C), pages 119-138.
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    39. Rachatar Nilavongse & Michał Rubaszek & Karsten Staehr & Gazi Salah Uddin, 2021. "Foreign and Domestic Uncertainty Shocks in Four Open Economies," Open Economies Review, Springer, vol. 32(5), pages 933-954, November.
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    41. Anette Borge & Gunnar Bårdsen & Junior Maih, 2019. "Expectations switching in a DSGE model for the UK," Working Paper Series 18119, Department of Economics, Norwegian University of Science and Technology.
    42. Alexie ALUPOAIEI & Matei KUBINSCHI & Eugen RĂDULESCU & Alina ZAHARIA-ROTARU, 2024. "Crowding-out, home bias and financial stability in the aftermath of the sovereign debt crisis," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(2(639), S), pages 107-128, Summer.
    43. Federico S. Mandelman, 2013. "Labor market polarization and international macroeconomic dynamics," FRB Atlanta Working Paper 2013-17, Federal Reserve Bank of Atlanta.
    44. Carvalho, Carlos Viana de & Vilela, André D., 2015. "What lf Brazil Hadn't Floated the Real in 1999?," Brazilian Review of Econometrics, Sociedade Brasileira de Econometria - SBE, vol. 35(2), March.
    45. Uluc Aysun & Takeshi Yagihashi, 2017. "The common sources of business cycles in Trans-Pacific countries and the U.S.? A comparison with NAFTA," Working Papers 2017-03, University of Central Florida, Department of Economics.
    46. Ca' Zorzi, Michele & Kolasa, Marcin & Rubaszek, Michał, 2016. "Exchange rate forecasting with DSGE models," Working Paper Series 1905, European Central Bank.
    47. Douch, Mohamed & Essadam, Naceur, 2008. "Monetary policy conduct: A hybrid framework," MPRA Paper 20715, University Library of Munich, Germany.
    48. Dungey, Mardi & Vehbi, Tugrul, 2015. "The influences of international output shocks from the US and China on ASEAN economies," Journal of Asian Economics, Elsevier, vol. 39(C), pages 59-71.
    49. Zhang, Bo & Dai, Wei, 2020. "Trend inflation and macroeconomic stability in a small open economy," Economic Modelling, Elsevier, vol. 91(C), pages 769-778.
    50. Guido Turnip, 2017. "Identification of Small Open Economy SVARs via Markov-Switching Heteroskedasticity," The Economic Record, The Economic Society of Australia, vol. 93(302), pages 465-483, September.
    51. Timo Bettendorf, 2017. "Idiosyncratic and international transmission of shocks in the G7: Does EMU matter?," Review of International Economics, Wiley Blackwell, vol. 25(4), pages 856-890, September.
    52. Yusuf Ömür Yılmaz, 2021. "Real Exchange Rate Dynamics in Model with Habit Formation," Bogazici Journal, Review of Social, Economic and Administrative Studies, Bogazici University, Department of Economics, vol. 35(1), pages 26-49.
    53. Federico Inchausti-Sintes & Ubay Pérez-Granja, 2022. "Monetary policy and exchange rate regime in tourist islands," Tourism Economics, , vol. 28(2), pages 325-348, March.
    54. Franc Klaassen & Kostas Mavromatis, 2016. "Interest Rate Rules, Exchange Market Pressure, and Successful Exchange Rate Management," Tinbergen Institute Discussion Papers 16-034/VI, Tinbergen Institute.
    55. Juan Paez-Farrell, 2012. "Taylor rules, fear of floating and the role of the exchange rate in monetary policy: a case of observational equivalence," Discussion Paper Series 2012_07, Department of Economics, Loughborough University, revised Jun 2012.
    56. Pedro Henrique Alves Pereira, 2025. "Optimal Inflation Targeting," Working Papers Series 623, Central Bank of Brazil, Research Department.
    57. Hohberger, Stefan & Herz, Bernhard, 2012. "Fiscal Policy, Monetary Regimes and Current Account Dynamics," VfS Annual Conference 2012 (Goettingen): New Approaches and Challenges for the Labor Market of the 21st Century 66054, Verein für Socialpolitik / German Economic Association.
    58. Reto Foellmi & Adrian Jäggi & Rina Rosenblatt-Wisch, 2018. "Loss Aversion at the Aggregate Level Across Countries and its Relation to Economic Fundamentals," Working Papers 2018-01, Swiss National Bank.
    59. Jarkko Jääskelä & Rebecca McKibbin, 2010. "Learning in an Estimated Small Open Economy Model," RBA Research Discussion Papers rdp2010-02, Reserve Bank of Australia.
    60. Drygalla, Andrej & Holtemöller, Oliver & Kiesel, Konstantin, 2020. "The Effects Of Fiscal Policy In An Estimated Dsge Model—The Case Of The German Stimulus Packages During The Great Recession," Macroeconomic Dynamics, Cambridge University Press, vol. 24(6), pages 1315-1345, September.
    61. Leroy N. Johnson, 2022. "Financial Frictions And Monetary Policy Shocks In Sierra Leone: Dynamic Stochastic General Equilibrium Model," Ilorin Journal of Economic Policy, Department of Economics, University of Ilorin, vol. 9(2), pages 78-96.
    62. Federico S. Mandelman & Yang Yu & Francesco Zanetti & Andrei Zlate, 2024. "Slowdown in Immigration, Labor Shortages, and Declining Skill Premia," CESifo Working Paper Series 11202, CESifo.
    63. Blagov, Boris & Funke, Michael, 2013. "The regime-dependent evolution of credibility: A fresh look at Hong Kong s linked exchange rate system," BOFIT Discussion Papers 24/2013, Bank of Finland Institute for Emerging Economies (BOFIT).
    64. Francis Leni Anguyo & Rangan Gupta & Kevin Kotze, 2017. "Monetary Policy and Financial Frictions in a Small Open-Economy Model for Uganda," Working Papers 201710, University of Pretoria, Department of Economics.
    65. Fabio Milani & Sung Ho Park, 2014. "The Effects of Globalization on Macroeconomic Dynamics in a Trade-Dependent Economy: the Case of Korea," Working Papers 2014-13, Economic Research Institute, Bank of Korea.
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    67. Doojav, Gan-Ochir & Gantumur, Munkhbayar, 2020. "Measuring the natural rate of interest in a commodity exporting economy: Evidence from Mongolia," International Economics, Elsevier, vol. 161(C), pages 199-218.
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    84. Kirdan Lees & Troy Matheson & Christie Smith, 2007. "Open economy DSGE-VAR forecasting and policy analysis - head to head with the RBNZ published forecasts," Reserve Bank of New Zealand Discussion Paper Series DP2007/01, Reserve Bank of New Zealand.
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    2. Saijo, Hikaru, 2017. "The uncertainty multiplier and business cycles," Journal of Economic Dynamics and Control, Elsevier, vol. 78(C), pages 1-25.
    3. Kuang, Pei, 2014. "A model of housing and credit cycles with imperfect market knowledge," European Economic Review, Elsevier, vol. 70(C), pages 419-437.
    4. Patrick A. Pintus & Jacek Suda, 2013. "Learning Financial Shocks and the Great Recession," AMSE Working Papers 1333, Aix-Marseille School of Economics, France, revised 05 Jun 2013.
    5. Teglio, Andrea & Catalano, Michele & Petrovic, Marko, 2014. "Myopic households on a stable path: the neoclassical growth model with rule-based expectations," MPRA Paper 120253, University Library of Munich, Germany.
    6. George W. Evans, 2011. "Comment on "Natural Expectations, Macroeconomic Dynamics, and Asset Pricing"," NBER Chapters, in: NBER Macroeconomics Annual 2011, Volume 26, pages 61-71, National Bureau of Economic Research, Inc.
    7. Pfajfar, Damjan & Santoro, Emiliano, 2010. "Heterogeneity, learning and information stickiness in inflation expectations," Journal of Economic Behavior & Organization, Elsevier, vol. 75(3), pages 426-444, September.
    8. Kyle Jurado, 2016. "Advance Information and Distorted Beliefs in Macroeconomic and Financial Fluctuations," 2016 Meeting Papers 154, Society for Economic Dynamics.
    9. Berardi, Michele & Galimberti, Jaqueson K., 2017. "Empirical calibration of adaptive learning," Journal of Economic Behavior & Organization, Elsevier, vol. 144(C), pages 219-237.
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    11. Stefano Eusepi & Bruce Preston, 2008. "Stabilizing expectations under monetary and fiscal policy coordination," Staff Reports 343, Federal Reserve Bank of New York.
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    18. Cole, Stephen J., 2016. "The Limits of Central Bank Forward Guidance under Learning," Working Papers and Research 2016-02, Marquette University, Center for Global and Economic Studies and Department of Economics.
    19. Eichenbaum, Martin & Godinho de Matos, Miguel & Lima, Francisco & Rebelo, Sérgio & Trabandt, Mathias, 2022. "Expectations, Infections, and Economic Activity," CEPR Discussion Papers 15373, C.E.P.R. Discussion Papers.
    20. Michele Berardi, 2018. "Information aggregation and learning in a dynamic asset pricing model," Centre for Growth and Business Cycle Research Discussion Paper Series 241, Economics, The University of Manchester.
    21. Anindya S. Chakrabarti & Ratul Lahkar, 2018. "An Evolutionary Analysis of Growth and Fluctuations with Negative Externalities," Dynamic Games and Applications, Springer, vol. 8(4), pages 733-760, December.
    22. Frederico Di Pace & Kaushik Mitra & Shoujian Zhang, 2016. "Adaptive learning and labour market dynamics," Bank of England working papers 633, Bank of England.
    23. Dellas, Harris & Collard, Fabrice & Angeletos, George-Marios, 2015. "Quantifying Confidence," CEPR Discussion Papers 10463, C.E.P.R. Discussion Papers.
    24. Greta Meggiorini & Fabio Milani, 2021. "Behavioral New Keynesian Models: Learning vs. Cognitive Discounting," CESifo Working Paper Series 9039, CESifo.
    25. Evans, George W. & Hommes, Cars & McGough, Bruce & Salle, Isabelle, 2022. "Are long-horizon expectations (de-)stabilizing? Theory and experiments," Journal of Monetary Economics, Elsevier, vol. 132(C), pages 44-63.
    26. Orlando Gomes, 2009. "Stability under learning: the neo-classical growth problem," Economics Bulletin, AccessEcon, vol. 29(4), pages 3186-3193.
    27. Schuler, Tobias & Corrado, Luisa, 2019. "Financial cycles, credit bubbles and stabilization policies," Working Paper Series 2336, European Central Bank.
    28. Schaal, Edouard & Taschereau-Dumouchel, Mathieu, 2023. "Herding through booms and busts," Journal of Economic Theory, Elsevier, vol. 210(C).
    29. Michele Berardi, 2015. "Prices, fundamental values and learning," Centre for Growth and Business Cycle Research Discussion Paper Series 214, Economics, The University of Manchester.
    30. Eusepi, Stefano & Giannoni, Marc P. & Preston, Bruce, 2018. "Some implications of learning for price stability," European Economic Review, Elsevier, vol. 106(C), pages 1-20.
    31. Cole, Stephen J. & Huh, Sungjun, 2024. "Measuring the effects of unconventional monetary policy tools under adaptive learning," Journal of Economic Dynamics and Control, Elsevier, vol. 164(C).
    32. Bonam, Dennis & Goy, Gavin, 2019. "Home biased expectations and macroeconomic imbalances in a monetary union," Journal of Economic Dynamics and Control, Elsevier, vol. 103(C), pages 25-42.
    33. Chenyu Hou, 2023. "Learning and Subjective Expectation Formation: A Recurrent Neural Network Approach," Discussion Papers dp23-13, Department of Economics, Simon Fraser University.
    34. Gortz, Christoph & John, Tsoukalas, 2011. "Learning, capital-embodied technology and aggregate fluctuations," MPRA Paper 35438, University Library of Munich, Germany, revised Nov 2011.
    35. Jacek Suda, 2013. "Belief shocks and the macroeconomy," Working papers 434, Banque de France.
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  20. Han Hong & Bruce Preston, 2008. "Bayesian Averaging, Prediction and Nonnested Model Selection," NBER Working Papers 14284, National Bureau of Economic Research, Inc.

    Cited by:

    1. Kenichi Shimizu, 2022. "Asymptotic properties of Bayesian inference in linear regression with a structural break," Working Papers 2022_05, Business School - Economics, University of Glasgow.
    2. Huigang Chen & Mr. Alin T Mirestean & Mr. Charalambos G Tsangarides, 2011. "Limited Information Bayesian Model Averaging for Dynamic Panels with An Application to a Trade Gravity Model," IMF Working Papers 2011/230, International Monetary Fund.
    3. Erhard Reschenhofer & David Preinerstorfer & Lukas Steinberger, 2013. "Non-monotonic penalizing for the number of structural breaks," Computational Statistics, Springer, vol. 28(6), pages 2585-2598, December.
    4. Mao, Guangyu, 2015. "Model selection of M-estimation models using least squares approximation," Statistics & Probability Letters, Elsevier, vol. 99(C), pages 238-243.
    5. Alexander Vosseler & Enzo Weber, 2018. "Forecasting seasonal time series data: a Bayesian model averaging approach," Computational Statistics, Springer, vol. 33(4), pages 1733-1765, December.
    6. Mao, Guangyu, 2013. "Model selection for regression with heteroskedastic and autocorrelated errors," Economics Letters, Elsevier, vol. 118(3), pages 497-501.
    7. Koetter, Michael & Poghosyan, Tigran, 2010. "Real estate prices and bank stability," Journal of Banking & Finance, Elsevier, vol. 34(6), pages 1129-1138, June.
    8. Cui, Xiaomeng & Gafarov, Bulat & Ghanem, Dalia & Kuffner, Todd, 2024. "On model selection criteria for climate change impact studies," Journal of Econometrics, Elsevier, vol. 239(1).
    9. Li, Cheng & Jiang, Wenxin, 2016. "On oracle property and asymptotic validity of Bayesian generalized method of moments," Journal of Multivariate Analysis, Elsevier, vol. 145(C), pages 132-147.
    10. Siddharta Chib & Minchul Shin & Anna Simoni, 2016. "Bayesian Empirical Likelihood Estimation and Comparison of Moment Condition Models," Working Papers 2016-21, Center for Research in Economics and Statistics.
    11. Minerva Mukhopadhyay & Sourabh Bhattacharya, 2022. "Bayes factor asymptotics for variable selection in the Gaussian process framework," Annals of the Institute of Statistical Mathematics, Springer;The Institute of Statistical Mathematics, vol. 74(3), pages 581-613, June.
    12. Mr. Alin T Mirestean & Mr. Charalambos G Tsangarides & Huigang Chen, 2009. "Limited Information Bayesian Model Averaging for Dynamic Panels with Short Time Periods," IMF Working Papers 2009/074, International Monetary Fund.
    13. Brück, Florian & Fermanian, Jean-David & Min, Aleksey, 2023. "A corrected Clarke test for model selection and beyond," Journal of Econometrics, Elsevier, vol. 235(1), pages 105-132.
    14. Eric Hillebrand & Marcelo C. Medeiros, 2016. "Nonlinearity, Breaks, and Long-Range Dependence in Time-Series Models," Journal of Business & Economic Statistics, Taylor & Francis Journals, vol. 34(1), pages 23-41, January.
    15. Carvalho, Carlos & Eusepi, Stefano & , & Preston, Bruce, 2019. "Anchored Inflation Expectations," CEPR Discussion Papers 13900, C.E.P.R. Discussion Papers.
    16. Javier García-Cicco & Roque Montero, 2011. "Modeling Copper Price: A Regime-Switching Approach," Working Papers Central Bank of Chile 613, Central Bank of Chile.
    17. Kira Alhorn & Holger Dette & Kirsten Schorning, 2021. "Optimal Designs for Model Averaging in non-nested Models," Sankhya A: The Indian Journal of Statistics, Springer;Indian Statistical Institute, vol. 83(2), pages 745-778, August.
    18. Barbaglia, Luca & Frattarolo, Lorenzo & Onorante, Luca & Pericoli, Filippo Maria & Ratto, Marco & Tiozzo Pezzoli, Luca, 2023. "Testing big data in a big crisis: Nowcasting under Covid-19," International Journal of Forecasting, Elsevier, vol. 39(4), pages 1548-1563.

  21. Stefano Eusepi & Bruce Preston, 2008. "Stabilizing expectations under monetary and fiscal policy coordination," Staff Reports 343, Federal Reserve Bank of New York.

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    1. Emad Omar Elhendawy, 2019. "Coordination or Dominance of Fiscal and Monetary Policy in Egypt," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 11(12), pages 1-28, December.
    2. Christopher A. Sims, 2013. "Comment on "Dormant Shocks and Fiscal Virtue"," NBER Chapters, in: NBER Macroeconomics Annual 2013, Volume 28, pages 59-64, National Bureau of Economic Research, Inc.
    3. Carine Bouthevillain & John Caruana & Cristina Checherita & Jorge Cunha & Esther Gordo & Stephan Haroutunian & Amela Hubic & Geert Langenus & Bernhard Manzke & Javier J. Pérez & Pietro Tommasino, 2009. "Pros and Cons of various fiscal measures to stimulate the economy," BCL working papers 40, Central Bank of Luxembourg.
    4. Cavalli, Fausto & Naimzada, Ahmad K. & Pecora, Nicolò, 2019. "Complex interplay between monetary and fiscal policies in a real economy model," Chaos, Solitons & Fractals, Elsevier, vol. 128(C), pages 318-330.
    5. Andrew HUGHES HALLETT & Jan LIBICH & Petr STEHLÍK, 2014. "Monetary and Fiscal Policy Interaction with Various Degrees of Commitment," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 64(1), pages 2-29, February.
    6. Fernando M. Duarte & Anna Zabai, 2015. "An interest rate rule to uniquely implement the optimal equilibrium in a liquidity trap," Staff Reports 745, Federal Reserve Bank of New York.
    7. Stefano Eusepi & Bruce Preston, 2010. "Central Bank Communication and Expectations Stabilization," American Economic Journal: Macroeconomics, American Economic Association, vol. 2(3), pages 235-271, July.

  22. Bruce Preston & Mauro Roca, 2007. "Incomplete Markets, Heterogeneity and Macroeconomic Dynamics," NBER Working Papers 13260, National Bureau of Economic Research, Inc.

    Cited by:

    1. Mordecai Kurz & M. Motolese & G. Piccillo & H. Hu, 2015. "Monetary Policy with Diverse Private Expectations," Working Papers 15-03, Utrecht School of Economics.
    2. Marcelo Veracierto, 2020. "Computing Equilibria of Stochastic Heterogeneous Agent Models Using Decision Rule Histories," Working Paper Series WP 2020-05, Federal Reserve Bank of Chicago.
    3. François Le Grand & Xavier Ragot, 2017. "Optimal Fiscal Policy with Heterogeneous Agents and Aggregate Shocks," Working Papers hal-03458683, HAL.
    4. Yann Algan & Olivier Allais & Wouter J den Haan, 2006. "Solving Heterogeneous-agent Models with Parameterized Cross-sectional Distributions," Working Papers hal-01065663, HAL.
    5. Den Haan, Wouter, 2008. "Comparison of Solutions to the Incomplete Markets Model with Aggregate Uncertainty," CEPR Discussion Papers 7019, C.E.P.R. Discussion Papers.
    6. Gauti Eggertsson & Sergey K. Egiev & Alessandro Lin & Josef Platzer & Luca Riva, 2020. "A Toolkit for Solving Models with a Lower Bound on Interest Rates of Stochastic Duration," Working Papers 2020-14, Brown University, Department of Economics.
    7. Rubio-Ramírez, Juan Francisco & Schorfheide, Frank & Fernández-Villaverde, Jesús, 2015. "Solution and Estimation Methods for DSGE Models," CEPR Discussion Papers 11032, C.E.P.R. Discussion Papers.
    8. Den Haan, Wouter & Rendahl, Pontus, 2008. "Solving the Incomplete Markets Model with Aggregate Uncertainty using Explicit Aggregation," CEPR Discussion Papers 6963, C.E.P.R. Discussion Papers.
    9. Karmakar, Sudipto, 2013. "Macroprudential Regulation and Macroeconomic Activity," MPRA Paper 52172, University Library of Munich, Germany.
    10. Thomas Mertens, 2012. "Solving General Incomplete Market Models with Substantial Heterogeneity," 2012 Meeting Papers 1173, Society for Economic Dynamics.
    11. Christophe Gouel, 2013. "Comparing numerical methods for solving the competitive storage model," Post-Print hal-01136976, HAL.
    12. Mr. Mauro F Roca, 2009. "Search in the Labor Market under Imperfectly Insurable Income Risk," IMF Working Papers 2009/188, International Monetary Fund.
    13. Michael Reiter, 2006. "Solving heterogeneous-agent models by projection and perturbation," Economics Working Papers 972, Department of Economics and Business, Universitat Pompeu Fabra.
    14. Caterina Mendicino, 2011. "On the amplification role of collateral constraints," Working Papers w201115, Banco de Portugal, Economics and Research Department.
    15. Martin D. D. Evans, 2012. "Exchange-Rate Dark Matter," Working Papers gueconwpa~12-12-01, Georgetown University, Department of Economics.
    16. Mertens, Thomas M. & Judd, Kenneth L., 2018. "Solving an incomplete markets model with a large cross-section of agents," Journal of Economic Dynamics and Control, Elsevier, vol. 91(C), pages 349-368.
    17. Kim, Sunghyun Henry & Kollmann, Robert & Kim, Jinill, 2010. "Solving the incomplete market model with aggregate uncertainty using a perturbation method," Journal of Economic Dynamics and Control, Elsevier, vol. 34(1), pages 50-58, January.
    18. Moll, Benjamin & Wolf, Christian & Ahn, SeHyoun & Kaplan, Greg & Winberry, Thomas, 2017. "When Inequality Matters for Macro and Macro Matters for Inequality," CEPR Discussion Papers 12123, C.E.P.R. Discussion Papers.
    19. Wouter J. DEN HAAN, 2009. "Solving Dynamic Models with Heterogeneous Agents and Aggregate Uncertainty with Dynare or Dynare++," 2009 Meeting Papers 776, Society for Economic Dynamics.
    20. Lambertini, Luisa & Mendicino, Caterina & Teresa Punzi, Maria, 2013. "Leaning against boom–bust cycles in credit and housing prices," Journal of Economic Dynamics and Control, Elsevier, vol. 37(8), pages 1500-1522.
    21. Rosso, Biagio & Gatto, Matteo, 2024. "Dynamics and Optimal Monetary-Fiscal Policy in Fiscally Dominant Economies with Occasionally Inflexible Monetary Authorities," MPRA Paper 125094, University Library of Munich, Germany, revised Jun 2025.
    22. Guerrieri, Luca & Iacoviello, Matteo, 2015. "OccBin: A toolkit for solving dynamic models with occasionally binding constraints easily," Journal of Monetary Economics, Elsevier, vol. 70(C), pages 22-38.
    23. Ravenna, Federico & Cacciatore, Matteo, 2020. "Uncertainty, Wages, and the Business Cycle," CEPR Discussion Papers 14715, C.E.P.R. Discussion Papers.
    24. Caterina Mendicino, 2012. "Collateral Requirements: Macroeconomic Fluctuations and Macro-Prudential Policy," Working Papers w201211, Banco de Portugal, Economics and Research Department.
    25. Ms. Juliana Dutra Araujo & Ms. Grace B Li & Mr. Marcos Poplawski Ribeiro & Luis-Felipe Zanna, 2013. "Current Account Norms in Natural Resource Rich and Capital Scarce Economies," IMF Working Papers 2013/080, International Monetary Fund.
    26. Reiter, Michael, 2010. "Approximate and Almost-Exact Aggregation in Dynamic Stochastic Heterogeneous-Agent Models," Economics Series 258, Institute for Advanced Studies.
    27. Mr. Martin D Evans, 2012. "Exchange-Rate Dark Matter," IMF Working Papers 2012/066, International Monetary Fund.

  23. Stefano Eusepi & Bruce Preston, 2007. "Central Bank Communication and Expectations Stabilization," NBER Working Papers 13259, National Bureau of Economic Research, Inc.

    Cited by:

    1. Ahrens, Steffen & Lustenhouwer, Joep & Tettamanzi, Michele, 2017. "The Stabilizing Role of Forward Guidance: A Macro Experiment," VfS Annual Conference 2017 (Vienna): Alternative Structures for Money and Banking 168063, Verein für Socialpolitik / German Economic Association.
    2. Guido Ascari & Anna Florio, 2012. "Transparency, Expectations Anchoring and the Inflation Target," DEM Working Papers Series 022, University of Pavia, Department of Economics and Management.
    3. Arango, Luis E. & Pantoja, Javier & Velásquez, Carlos, 2023. "A content analysis of the Central Bank's press releases in Colombia," Latin American Journal of Central Banking (previously Monetaria), Elsevier, vol. 4(3).
    4. Bartholomew Moore, 2016. "The stability of learning prior to an anticipated change in the target inflation rate," International Journal of Monetary Economics and Finance, Inderscience Enterprises Ltd, vol. 9(3), pages 267-293.
    5. Christophe Blot & Caroline Bozou & Jérôme Creel & Paul Hubert, 2021. "Are all Central Bank Asset Purchases the Same? Different Rationales, Different Effects," Sciences Po Economics Publications (main) hal-03554141, HAL.
    6. Hughes Hallett Andrew & Di Bartolomeo Giovanni & Acocella Nicola, 2008. "Controllability under rational expectations," wp.comunite 0042, Department of Communication, University of Teramo.
    7. Matthes, Christian & Rondina, Francesca, 2012. "Two-sided Learning in New Keynesian Models: Dynamics, (Lack of) Convergence and the Value of Information," Dynare Working Papers 19, CEPREMAP.
    8. Hughes Hallett, Andrew & Acocella, Nicola & Di Bartolomeo, Giovanni, 2008. "When Can Central Banks Anchor Expectations? Policy communication and controllability," CEPR Discussion Papers 7078, C.E.P.R. Discussion Papers.
    9. Liu, Jianguo & Liu, Liya & Min, Min & Tan, Shuying & Zhao, Fanqing, 2022. "Can central bank communication effectively guide the monetary policy expectation of the public?," China Economic Review, Elsevier, vol. 75(C).
    10. Isabelle SALLE & Marc-Alexandre SENEGAS & Murat YILDIZOGLU, 2013. "How Transparent About Its Inflation Target Should a Central Bank be? An Agent-Based Model Assessment," Cahiers du GREThA (2007-2019) 2013-24, Groupe de Recherche en Economie Théorique et Appliquée (GREThA).
    11. Cogley, Timothy & Matthes, Christian & Sbordone, Argia M., 2015. "Optimized Taylor rules for disinflation when agents are learning," Journal of Monetary Economics, Elsevier, vol. 72(C), pages 131-147.
    12. Matysek-Jędrych Anna, 2018. "On the growing accountability of central banks for financial stability–the macroprudential perspective," Economics and Business Review, Sciendo, vol. 4(4), pages 30-45, November.
    13. Magdalena Szyszko, 2011. "The interdependences of central bank’s forecasts and economic agents inflation expectations.Empirical study," NBP Working Papers 105, Narodowy Bank Polski.
    14. Cole, Stephen J., 2016. "The Limits of Central Bank Forward Guidance under Learning," Working Papers and Research 2016-02, Marquette University, Center for Global and Economic Studies and Department of Economics.
    15. Campbell, Jeffrey R. & Ferroni, Filippo & Fisher, Jonas D.M. & Melosi, Leonardo, 2019. "The limits of forward guidance," Journal of Monetary Economics, Elsevier, vol. 108(C), pages 118-134.
    16. Benchimol, Jonathan, 2024. "Central bank objectives, monetary policy rules, and limited information," Journal of Macroeconomics, Elsevier, vol. 80(C).
    17. Beutel, Johannes & Metiu, Norbert & Stockerl, Valentin, 2021. "Toothless tiger with claws? Financial stability communication, expectations, and risk-taking," Discussion Papers 05/2021, Deutsche Bundesbank.
    18. Claus, Edda & Nguyen, Viet Hoang, 2020. "Monetary policy shocks from the consumer perspective," Journal of Monetary Economics, Elsevier, vol. 114(C), pages 159-173.
    19. Rhee, Hyuk Jae & Turdaliev, Nurlan, 2013. "Central bank transparency: Does it matter?," International Review of Economics & Finance, Elsevier, vol. 27(C), pages 183-197.
    20. Honkapohja, Seppo & Evans, George W., 2008. "Expectations, Learning and Monetary Policy: An Overview of Recent Rersearch," CEPR Discussion Papers 6640, C.E.P.R. Discussion Papers.
    21. Greta Meggiorini & Fabio Milani, 2021. "Behavioral New Keynesian Models: Learning vs. Cognitive Discounting," CESifo Working Paper Series 9039, CESifo.
    22. Pablo Garcia, 2021. "Learning, expectations and monetary policy," BCL working papers 153, Central Bank of Luxembourg.
    23. Hansen, Stephen & McMahon, Michael, "undated". "Shocking language: Understanding the macroeconomic effects of central bank communication," Economic Research Papers 269727, University of Warwick - Department of Economics.
    24. Andrew Hughes Hallett & John Lewis, 2015. "Monetary policy and sovereign debt: Does the ECB take the eurozone’s fiscal risks into account?," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 42(3), pages 499-520, August.
    25. Lin, Jianhao & Mei, Ziwei & Chen, Liangyuan & Zhu, Chuanqi, 2023. "Is the People's Bank of China consistent in words and deeds?," China Economic Review, Elsevier, vol. 78(C).
    26. Fadda, Pietro & Hanifi, Rayane & Istrefi, Klodiana & Penalver, Adrian, 2025. "Central bank communication of uncertainty," Journal of International Money and Finance, Elsevier, vol. 157(C).
    27. Haryo Kuncoro, 2021. "Central Bank Communication and Policy Interest Rate," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 12(1), pages 76-91, January.
    28. Carvalho, Carlos & Nechio, Fernanda, 2014. "Do people understand monetary policy?," Journal of Monetary Economics, Elsevier, vol. 66(C), pages 108-123.
    29. Jung, Alexander & Kühl, Patrick, 2021. "Can central bank communication help to stabilise inflation expectations?," Working Paper Series 2547, European Central Bank.
    30. Isabelle SALLE & Murat YILDIZOGLU & Marc-Alexandre SENEGAS, 2012. "Inflation targeting in a learning economy: An ABM perspective," Cahiers du GREThA (2007-2019) 2012-15, Groupe de Recherche en Economie Théorique et Appliquée (GREThA).
    31. Zhang, Dongyang & He, Yurun & Lu, Meiting, 2024. "Is energy firms' investment behavior more sensitive on corporate perception of monetary policy?," Energy Economics, Elsevier, vol. 136(C).
    32. Cole, Stephen J. & Huh, Sungjun, 2024. "Measuring the effects of unconventional monetary policy tools under adaptive learning," Journal of Economic Dynamics and Control, Elsevier, vol. 164(C).
    33. Alberto Locarno, 2012. "Monetary policy in a model with misspecified, heterogeneous and ever-changing expectations," Temi di discussione (Economic working papers) 888, Bank of Italy, Economic Research and International Relations Area.
    34. Hyuk Rhee & Nurlan Turdaliev, 2015. "Central bank policy instrument forecasts," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 10(2), pages 221-245, October.
    35. Christophe Blot & Caroline Bozou & Jérôme Creel & Paul Hubert, 2022. "The Conditional PaThéof Central Bank Asset Purchases," Working papers 885, Banque de France.
    36. Muchlinski, Elke, 2010. "Metaphern, Begriffe und Bedeutungen: Das Beispiel internationale monetäre Institutionen," Discussion Papers 2010/14, Free University Berlin, School of Business & Economics.
    37. Di Bartolomeo Giovanni & Hughes Hallett Andrew & Acocella Nicola, 2013. "When Can Policy Makers Anchor Expectations? Dynamic controllability and the limits to time inconsistency," wp.comunite 0104, Department of Communication, University of Teramo.
    38. Koursaros, Demetris, 2019. "Learning expectations using multi-period forecasts," Journal of Economics and Business, Elsevier, vol. 102(C), pages 1-25.
    39. Martin Nordström, 2020. "A forecast evaluation of the Riksbank's policy‐rate projections," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 49(3), September.
    40. KIBADHI, Plante & PINSHI, Christian P., 2020. "Repenser la communication dans la politique monétaire : Vers une orientation stratégique pour la BCC [Rethinking Communication in Monetary Policy: Towards a Strategic leaning for the BCC]," MPRA Paper 101449, University Library of Munich, Germany, revised 01 Jul 2020.
    41. Agliari, A. & Massaro, D. & Pecora, N. & Spelta, A., 2014. "Inflation Targeting, Recursive Inattentiveness and Heterogeneous Beliefs," CeNDEF Working Papers 14-12, Universiteit van Amsterdam, Center for Nonlinear Dynamics in Economics and Finance.
    42. Mitra, Kaushik & Evans, George W. & Honkapohja, Seppo, 2019. "Fiscal Policy Multipliers In An Rbc Model With Learning," Macroeconomic Dynamics, Cambridge University Press, vol. 23(1), pages 240-283, January.
    43. Marcela De Castro-Valderrama & Santiago Forero-Alvarado & Nicolas Moreno-Arias & Sara Naranjo-Saldarriaga, 2022. "Unravelling the Narratives Behind Macroeconomic Forecasts," IHEID Working Papers 18-2022, Economics Section, The Graduate Institute of International Studies.
    44. Giuseppe Ferrero & Alessandro Secchi, 2010. "Central bank’s macroeconomic projections and learning," NBP Working Papers 72, Narodowy Bank Polski.
    45. Richter, Alexander W., 2015. "Finite lifetimes, long-term debt and the fiscal limit," Journal of Economic Dynamics and Control, Elsevier, vol. 51(C), pages 180-203.
    46. Klodiana Istrefi & Sarah Mouabbi, 2017. "Subjective Interest Rate Uncertainty and the Macroeconomy: A Cross-country Analysis," Working papers 619, Banque de France.
    47. Cole, Stephen, 2015. "Learning and the effectiveness of central bank forward guidance," MPRA Paper 65207, University Library of Munich, Germany.
    48. Paul Hubert, 2009. "Informational Advantage and Influence of Communicating Central Banks," Documents de Travail de l'OFCE 2009-04, Observatoire Francais des Conjonctures Economiques (OFCE).
    49. Manuel Amador & Pierre-Olivier Weill, 2008. "Learning from Prices: Public Communication and Welfare," NBER Working Papers 14255, National Bureau of Economic Research, Inc.
    50. Ahrens, Steffen & Lustenhouwer, Joep & Tettamanzi, Michele, 2023. "The Stabilizing Effects of Publishing Strategic Central Bank Projections," Macroeconomic Dynamics, Cambridge University Press, vol. 27(3), pages 826-868, April.
    51. Luis E. Arango & Javier Pantoja & Carlos Velásquez, 2017. "Effects of the central bank’s communications in Colombia. A content analysis," Borradores de Economia 1024, Banco de la Republica de Colombia.
    52. Christophe Blot & Paul Hubert & Jérôme Creel & Caroline Bozou, 2023. "The conditionality of monetary policy instruments," EconomiX Working Papers 2023-15, University of Paris Nanterre, EconomiX.
    53. Carboni, Giacomo & Ellison, Martin, 2011. "Inflation and output volatility under asymmetric incomplete information," Journal of Economic Dynamics and Control, Elsevier, vol. 35(1), pages 40-51, January.
    54. Anna Lou Abatayo & John Lynham & Katerina Sherstyuk, 2020. "Communication, Expectations and Trust: an Experiment with Three Media," Working Papers 202021, University of Hawaii at Manoa, Department of Economics.
    55. Eusepi, Stefano & Preston, Bruce, 2011. "Learning the fiscal theory of the price level: Some consequences of debt-management policy," Journal of the Japanese and International Economies, Elsevier, vol. 25(4), pages 358-379.
    56. Man-Keung Tang & Mr. Xiangrong Yu, 2011. "Communication of Central Bank Thinking and Inflation Dynamics," IMF Working Papers 2011/209, International Monetary Fund.
    57. Katerina Smidkova, 2008. "Evaluation of the Fulfilment of the CNB's Inflation Targets," Occasional Publications - Chapters in Edited Volumes, in: Katerina Smidkova (ed.), Evaluation of the Fulfilment of the CNB's Inflation Targets 1998-2007, chapter 1, pages 10-17, Czech National Bank, Research and Statistics Department.
    58. William A. Branch & George W. Evans, 2017. "Unstable Inflation Targets," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 49(4), pages 767-806, June.
    59. Stephen J. Cole & Fabio Milani, 2020. "Heterogeneity in Individual Expectations, Sentiment, and Constant-Gain Learning," CESifo Working Paper Series 8343, CESifo.
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    61. Donato Masciandaro & Davide Romelli, 2016. "From Silence to Voice: Monetary Policy, Central Bank Governance and Communication," BAFFI CAREFIN Working Papers 1627, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    62. SYED, Sarfaraz Ali Shah, 2021. "Heterogeneous consumers in the Euro-Area, facing homogeneous monetary policy: Tale of two large economies," The Journal of Economic Asymmetries, Elsevier, vol. 24(C).
    63. Donato Masciandaro & Davide Romelli & Gaia Rubera, 2021. "Monetary policy and financial markets: evidence from Twitter traffic," BAFFI CAREFIN Working Papers 21160, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    64. Benhabib, Jess & Evans, George W. & Honkapohja, Seppo, 2014. "Liquidity traps and expectation dynamics: Fiscal stimulus or fiscal austerity?," Journal of Economic Dynamics and Control, Elsevier, vol. 45(C), pages 220-238.
    65. Jasmina Arifovic & Alex Grimaud & Isabelle Salle & Gauthier Vermandel, 2020. "Social Learning and Monetary Policy at the Effective Lower Bound," Staff Working Papers 20-2, Bank of Canada.
    66. Arifovic, Jasmina & Petersen, Luba, 2017. "Stabilizing expectations at the zero lower bound: Experimental evidence," Journal of Economic Dynamics and Control, Elsevier, vol. 82(C), pages 21-43.
    67. By Anna Florio & Alessandro Gobbi, 2015. "Learning the monetary/fiscal interaction under trend inflation," Oxford Economic Papers, Oxford University Press, vol. 67(4), pages 1146-1164.
    68. Jakob de Haan & David-Jan Jansen & Jakob de Haan, 2007. "The Importance of Being Vigilant: Has ECB Communication Influenced Euro Area Inflation Expectations?," CESifo Working Paper Series 2134, CESifo.
    69. Ying, Shan & Sheen, Jeffrey & Gu, Xin & Wang, Ben Zhe, 2025. "Does monetary policy uncertainty moderate the transmission of policy shocks to government bond yields?," Journal of International Money and Finance, Elsevier, vol. 154(C).
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    71. James B. Bullard & Stefano Eusepi, 2009. "When does determinacy imply expectational stability?," Working Papers 2008-007, Federal Reserve Bank of St. Louis.
    72. Stefano Eusepi, 2008. "Central bank transparency and nonlinear learning dynamics," Staff Reports 342, Federal Reserve Bank of New York.
    73. Klodiana Istrefi & A. Piloiu, 2014. "Economic Policy Uncertainty and Inflation Expectations," Working papers 511, Banque de France.
    74. Richhild Moessner & David-Jan Jansen & Jakob de Haan, 2017. "Communication About Future Policy Rates In Theory And Practice: A Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 31(3), pages 678-711, July.
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    78. Mitra, Kaushik & Evans, George W. & Honkapohja, Seppo, 2012. "Fiscal Policy and Learning," SIRE Discussion Papers 2012-10, Scottish Institute for Research in Economics (SIRE).
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    81. Xin Xu & Xiaoguang Xu, 2023. "Forward guidance investigation in new Keynesian models," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 36(2), pages 2145983-214, July.
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    83. Goy, Gavin & Hommes, Cars & Mavromatis, Kostas, 2022. "Forward guidance and the role of central bank credibility under heterogeneous beliefs," Journal of Economic Behavior & Organization, Elsevier, vol. 200(C), pages 1240-1274.
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    Cited by:

    1. Guido Ascari & Sophocles Mavroeidis & Nigel McClung, 2023. "Coherence without Rationality at the ZLB," Working Papers 784, DNB.
    2. Kuang, Pei, 2014. "A model of housing and credit cycles with imperfect market knowledge," European Economic Review, Elsevier, vol. 70(C), pages 419-437.
    3. Cho, Seonghoon, 2015. "Determinacy and e-stability under reduced-form learning," Economics Letters, Elsevier, vol. 128(C), pages 69-71.
    4. Stefano Eusepi & Bruce Preston, 2013. "Fiscal foundations of inflation: imperfect knowledge," Staff Reports 649, Federal Reserve Bank of New York.
    5. Guido Ascari & Anna Florio, 2012. "Transparency, Expectations Anchoring and the Inflation Target," DEM Working Papers Series 022, University of Pavia, Department of Economics and Management.
    6. Milani, Fabio, 2008. "Learning, monetary policy rules, and macroeconomic stability," Journal of Economic Dynamics and Control, Elsevier, vol. 32(10), pages 3148-3165, October.
    7. Kolasa, Marcin & Ravgotra, Sahil & Zabczyk, Pawel, 2025. "Monetary policy and exchange rate dynamics in a behavioral open economy model," Journal of International Economics, Elsevier, vol. 155(C).
    8. Kosuke Aoki & Kalin Nikolov, 2004. "Rule-based monetary policy under central bank learning," Bank of England working papers 235, Bank of England.
    9. Hogen, Yoshihiko & Okuma, Ryoichi, 2025. "The anchoring of inflation expectations in Japan: A learning-approach perspective," Japan and the World Economy, Elsevier, vol. 73(C).
    10. Fabio Milani & Sung Ho Park, 2019. "Expectations and Macro-Housing Interactions in a Small Open Economy: Evidence from Korea," Open Economies Review, Springer, vol. 30(2), pages 375-402, April.
    11. Seppo Honkapohja & Kaushik Mitra & George Evans, 2017. "Expectations, Stagnation and Fiscal Policy," 2017 Meeting Papers 160, Society for Economic Dynamics.
    12. Kyle Jurado, 2016. "Advance Information and Distorted Beliefs in Macroeconomic and Financial Fluctuations," 2016 Meeting Papers 154, Society for Economic Dynamics.
    13. Marine Charlotte André & Meixing Dai, 2016. "Learning, robust monetray policy and the merit of precaution," Working Papers of BETA 2016-54, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    14. Stefano Eusepi & Bruce Preston, 2008. "Stabilizing expectations under monetary and fiscal policy coordination," Staff Reports 343, Federal Reserve Bank of New York.
    15. Klaus Adam & Albert Marcet, 2011. "Internal Rationality, Imperfect Market Knowledge and Asset Prices," CEP Discussion Papers dp1068, Centre for Economic Performance, LSE.
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    24. Yunjong Eo & Nigel Mcclung, 2025. "Determinacy and E‐Stability with Interest Rate Rules at the Zero Lower Bound," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 57(4), pages 951-979, June.
    25. George W. Evans & Seppo Honkapohja, 2004. "Adaptive learning and monetary policy design," Macroeconomics 0405008, University Library of Munich, Germany.
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    41. Evans, George W. & Hommes, Cars & McGough, Bruce & Salle, Isabelle, 2022. "Are long-horizon expectations (de-)stabilizing? Theory and experiments," Journal of Monetary Economics, Elsevier, vol. 132(C), pages 44-63.
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    43. Kaushik Mitra & Seppo Honkapohja, 2004. "The problems of learning and indeterminacy in inflation targeting based on constant interest rate projections," Money Macro and Finance (MMF) Research Group Conference 2003 68, Money Macro and Finance Research Group.
    44. Fabio Milani, 2012. "The Modeling of Expectations in Empirical DSGE Models: a Survey," Working Papers 121301, University of California-Irvine, Department of Economics.
    45. Murray, James, 2011. "Learning and judgment shocks in U.S. business cycles," MPRA Paper 29257, University Library of Munich, Germany.
    46. Yu-chin Chen & Pisut Kulthanavit, 2008. "Monetary Policy Design under Imperfect Knowledge: An Open Economy Analysis," Working Papers UWEC-2008-14, University of Washington, Department of Economics.
    47. Philip Hans Franses, 2019. "On inflation expectations in the NKPC model," Empirical Economics, Springer, vol. 57(6), pages 1853-1864, December.
    48. Jump, Robert Calvert & Levine, Paul, 2019. "Behavioural New Keynesian models," Journal of Macroeconomics, Elsevier, vol. 59(C), pages 59-77.
    49. Isabelle SALLE & Martin ZUMPE & Murat YILDIZOGLU & Marc-Alexandre SENEGAS, 2012. "Modelling Social Learning in an Agent-Based New Keynesian Macroeconomic Model," Cahiers du GREThA (2007-2019) 2012-20, Groupe de Recherche en Economie Théorique et Appliquée (GREThA).
    50. Binder, Carola Conces, 2016. "Estimation of historical inflation expectations," Explorations in Economic History, Elsevier, vol. 61(C), pages 1-31.
    51. Sophocles Mavroeidis & Mikkel Plagborg-M?ller & James H. Stock, 2014. "Empirical Evidence on Inflation Expectations in the New Keynesian Phillips Curve," Journal of Economic Literature, American Economic Association, vol. 52(1), pages 124-188, March.
    52. Eusepi, Stefano & Giannoni, Marc P. & Preston, Bruce, 2018. "Some implications of learning for price stability," European Economic Review, Elsevier, vol. 106(C), pages 1-20.
    53. Stefano Eusepi & Bruce Preston, 2011. "Expectations, Learning, and Business Cycle Fluctuations," American Economic Review, American Economic Association, vol. 101(6), pages 2844-2872, October.
    54. Cars Hommes & Kostas Mavromatis & Tolga Özden & Mei Zhu, 2023. "Behavioral learning equilibria in New Keynesian models," Quantitative Economics, Econometric Society, vol. 14(4), pages 1401-1445, November.
    55. Richard Harrison & Tim Taylor, 2012. "Misperceptions, heterogeneous expectations and macroeconomic dynamics," Bank of England working papers 449, Bank of England.
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    57. Gomes, Orlando, 2009. "Stability under learning: The endogenous growth problem," Economic Modelling, Elsevier, vol. 26(5), pages 807-816, September.
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    59. Michele Berardi, 2011. "On the stability properties of optimal interest rules under learning," Centre for Growth and Business Cycle Research Discussion Paper Series 155, Economics, The University of Manchester.
    60. Ooft, Gavin & Bhaghoe, Sailesh & Hans Franses, Philip, 2021. "Forecasting annual inflation in Suriname," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 73(C).
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  26. Jonathan Parker & Bruce Preston, 2002. "Precautionary Saving and Consumption Fluctuations," NBER Working Papers 9196, National Bureau of Economic Research, Inc.

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    29. Alexander Richter & Nathaniel Throckmorton, 2018. "A New Way to Quantify the Effect of Uncertainty," 2018 Meeting Papers 565, Society for Economic Dynamics.
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    34. Lorenzo Pozzi, 2011. "The Time-Varying Volatility of Earnings and Aggregate Precautionary Savings," Tinbergen Institute Discussion Papers 11-144/2, Tinbergen Institute.
    35. Wako Watanabe, 2005. "Income Uncertainty and Self-Reported Precautionary Wealth: Evidence from the Japanese Micro Data," ISER Discussion Paper 0636, Institute of Social and Economic Research, The University of Osaka.
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    37. Shawn Ni, 2007. "Excess Sensitivity in Consumption without Liquidity Constraint: Evidence from Monthly Household Panel Data," Working Papers 0714, Department of Economics, University of Missouri.
    38. Kim, Seewon, 2013. "Prudent consumers: New evidence from the Consumer Expenditure Survey," Economic Modelling, Elsevier, vol. 33(C), pages 77-85.
    39. Riyad Abubaker, 2016. "Consumption and Money Uncertainty at the Zero Lower Bound," Economics Bulletin, AccessEcon, vol. 36(1), pages 449-463.
    40. Pierre-Olivier Gourinchas & Jonathan A. Parker, 2001. "The Empirical Importance of Precautionary Saving," American Economic Review, American Economic Association, vol. 91(2), pages 406-412, May.
    41. Corrêa, Wilson Luiz Rotatori & Lopes, Luckas Sabioni, 2023. "Monetary policy transmission, productive activity, and inflation in Brazil: Does uncertainty matter?," The Journal of Economic Asymmetries, Elsevier, vol. 27(C).
    42. João Sousa Andrade, 2007. "L’Intégration Européenne et la Soutenabilité Externe de l’Union Européenne: une application de la thèse de Feldstein-Horioka," GEMF Working Papers 2007-05, GEMF, Faculty of Economics, University of Coimbra.
    43. Daria Pignalosa, 2018. "The Role Of The Utility Function In The Estimation Of Preference Parameters," Departmental Working Papers of Economics - University 'Roma Tre' 0235, Department of Economics - University Roma Tre.
    44. Martin Salm, 2010. "Subjective mortality expectations and consumption and saving behaviours among the elderly," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 43(3), pages 1040-1057, August.
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    46. de Castro, Luciano & Cundy, Lance D. & Galvao, Antonio F. & Westenberger, Rafael, 2023. "A dynamic quantile model for distinguishing intertemporal substitution from risk aversion," European Economic Review, Elsevier, vol. 159(C).
    47. Piotr Białowolski, 2019. "Patterns and evolution of consumer debt: evidence from latent transition models," Quality & Quantity: International Journal of Methodology, Springer, vol. 53(1), pages 389-415, January.
    48. Leonel Prieto & Tagi Sagafi-nejad & Balaji Janamanchi, 2013. "A Bourdieusian Perspective on Acculturation: Mexican Immigrants in the United States," Administrative Sciences, MDPI, vol. 3(4), pages 1-16, December.
    49. Gomes, Orlando, 2006. "Heterogeneous Researchers in a Two-Sector Representative Consumer Economy," Revista Brasileira de Economia - RBE, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil), vol. 60(2), November.
    50. Ricardo M. Sousa, 2007. "Expectations, Shocks, and Asset Returns," NIPE Working Papers 29/2007, NIPE - Universidade do Minho.
    51. Giovanni Pellegrino, 2021. "Uncertainty and monetary policy in the US: A journey into nonlinear territory," Economic Inquiry, Western Economic Association International, vol. 59(3), pages 1106-1128, July.
    52. Jonathan A. Parker & Bruce Preston, 2005. "Precautionary Saving and Consumption Fluctuations," American Economic Review, American Economic Association, vol. 95(4), pages 1119-1143, September.

  27. Han Hong & Bruce Preston & Matthew Shum, 2001. "Empirical Likelihood-Based Selection Criteria for Moment Condition Models," Economics Working Paper Archive 459, The Johns Hopkins University,Department of Economics.

    Cited by:

    1. Otsu, Taisuke, 2010. "On Bahadur efficiency of empirical likelihood," Journal of Econometrics, Elsevier, vol. 157(2), pages 248-256, August.
    2. Kim, Jae-Young, 2012. "Model selection in the presence of nonstationarity," Journal of Econometrics, Elsevier, vol. 169(2), pages 247-257.
    3. Kim, Jae-Young, 2014. "An alternative quasi likelihood approach, Bayesian analysis and data-based inference for model specification," Journal of Econometrics, Elsevier, vol. 178(P1), pages 132-145.

  28. Guy Debelle & Bruce Preston, 1995. "Consumption, Investment and International Linkages," RBA Research Discussion Papers rdp9512, Reserve Bank of Australia.

    Cited by:

    1. David Gruen & John Romalis & Naveen Chandra, 1999. "The Lags of Monetary Policy," The Economic Record, The Economic Society of Australia, vol. 75(3), pages 280-294, September.
    2. Konstantinos Kassimatis, 2008. "Size, Book to Market and Momentum Effects in the Australian Stock Market," Australian Journal of Management, Australian School of Business, vol. 33(1), pages 145-168, June.
    3. Dan Andrews & Marion Kohler, 2005. "International Business Cycle Co-movements through Time," RBA Annual Conference Volume (Discontinued), in: Christopher Kent & David Norman (ed.),The Changing Nature of the Business Cycle, Reserve Bank of Australia.
    4. Narayan, Paresh Kumar, 2008. "An investigation of the behaviour of Australia's business cycle," Economic Modelling, Elsevier, vol. 25(4), pages 676-683, July.
    5. de Brouwer,Gordon, 1999. "Financial Integration in East Asia," Cambridge Books, Cambridge University Press, number 9780521651486, January.
    6. Ellis Connolly & Marion Kohler, 2004. "The Impact of Superannuation on Household Saving," RBA Research Discussion Papers rdp2004-01, Reserve Bank of Australia.
    7. Alejandro Justiniano, 2004. "Sources and Propagation Mechanims of Foreign Disturbances in Small Open Economies: A Dynamic Factor Analysis," Econometric Society 2004 Latin American Meetings 148, Econometric Society.
    8. David M. Williams, 2010. "Consumption, wealth and credit liberalisation in Australia," Economics Series Working Papers 492, University of Oxford, Department of Economics.
    9. Nikola Dvornak & Marion Kohler, 2003. "Housing Wealth, Stock Market Wealth and Consumption: A Panel Analysis for Australia," RBA Research Discussion Papers rdp2003-07, Reserve Bank of Australia.

  29. Bill Russell & Jonathan Evans & Bruce Preston, "undated". "The Impact Of Inflation and Uncertainty On The Optimum Price Set By Firms," Dundee Discussion Papers in Economics 084, Economic Studies, University of Dundee.

    Cited by:

    1. Russell, Bill & Banerjee, Anindya, 2008. "The long-run Phillips curve and non-stationary inflation," Journal of Macroeconomics, Elsevier, vol. 30(4), pages 1792-1815, December.
    2. Banerjee, Anindya & Mizen, Paul & Russell, Bill, 2007. "Inflation, relative price variability and the markup: Evidence from the United States and the United Kingdom," Economic Modelling, Elsevier, vol. 24(1), pages 82-100, January.
    3. Bill Russell & Dooruj Rambaccussing, 2019. "Breaks and the statistical process of inflation: the case of estimating the ‘modern’ long-run Phillips curve," Empirical Economics, Springer, vol. 56(5), pages 1455-1475, May.
    4. Ciżkowicz, Piotr & Rzońca, Andrzej, 2010. "Inflation and corporate investment in selected OECD countries in the years 1960-2005 – an empirical analysis," MPRA Paper 29846, University Library of Munich, Germany.
    5. Hicham Bennouna, 2015. "A Mark-Up Model of Inflation for Morocco," International Journal of Economics and Financial Issues, Econjournals, vol. 5(1), pages 281-287.
    6. Russell, Bill & Banerjee, Anindya & Malki, Issam & Ponomareva, Natalia, 2011. "A Multiple Break Panel Approach to Estimating United States Phillips Curves," SIRE Discussion Papers 2012-27, Scottish Institute for Research in Economics (SIRE).
    7. Sandeep Mazumder, 2011. "The Long-Run Relationship Between Inflation and the Markup in the U.S," Economics Bulletin, AccessEcon, vol. 31(1), pages 473-484.
    8. Banerjee, Anindya & Russell, Bill, 2005. "Inflation and measures of the markup," Journal of Macroeconomics, Elsevier, vol. 27(2), pages 289-306, June.
    9. Anindya Banerjee & Bill Russell, 2000. "Industry Structure and the Dynamics of Price Adjstment," Dundee Discussion Papers in Economics 121, Economic Studies, University of Dundee.
    10. Stefan Reppen, 2015. "Finding Obstacles to Growth: Is Infrastructure a Binding Constraint on African Light-Manufacturing Firms?," International Journal of Economics and Financial Issues, Econjournals, vol. 5(3), pages 820-832.
    11. Anindya Banerjee & Lynne Cockerell & Bill Russell, 2001. "An I(2) analysis of inflation and the markup," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 16(3), pages 221-240.
    12. Thórarinn G. Pétursson, 2002. "Wage and price formation in a small open Economy: Evidence from Iceland," Economics wp16_thorarinn, Department of Economics, Central bank of Iceland.
    13. Russell, Bill, 2011. "Non-stationary inflation and panel estimates of United States short and long-run Phillips curves," Journal of Macroeconomics, Elsevier, vol. 33(3), pages 406-419, September.
    14. Bill Russell, 2006. "Non-Stationary Inflation and the Markup: an Overview of the Research and some Implications for Policy," Dundee Discussion Papers in Economics 191, Economic Studies, University of Dundee.
    15. Bill Russell, 2002. "The Long Run Relationships among Price Variability, Inflation and the Markup," Dundee Discussion Papers in Economics 127, Economic Studies, University of Dundee.
    16. Carlos José Garcia & Jorge Enrique Restrepo, 2001. "Price and wage inflation in Chile," BIS Papers chapters, in: Bank for International Settlements (ed.), Modelling aspects of the inflation process and the monetary transmission mechanism in emerging market countries, volume 8, pages 109-130, Bank for International Settlements.
    17. Anindya Banerjee & Bill Russell, 2000. "The Relationship between the Markup and Inflation in the G7 Economies and Australia," Dundee Discussion Papers in Economics 119, Economic Studies, University of Dundee.
    18. Banerjee, Anindya & Russell, Bill, 2004. "A reinvestigation of the markup and the business cycle," Economic Modelling, Elsevier, vol. 21(2), pages 267-284, March.

Articles

  1. Carlos Carvalho & Stefano Eusepi & Emanuel Moench & Bruce Preston, 2023. "Anchored Inflation Expectations," American Economic Journal: Macroeconomics, American Economic Association, vol. 15(1), pages 1-47, January.
    See citations under working paper version above.
  2. Qingyuan Du & Stefano Eusepi & Bruce Preston, 2021. "Non-Rational Beliefs in an Open Economy," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 41, pages 174-204, July.
    See citations under working paper version above.
  3. Bruce Preston, 2020. "The Case for Reform of the Reserve Bank of Australia Policy and Communication Strategy," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 53(1), pages 95-104, March.

    Cited by:

    1. Joan Huang & John Simon, 2021. "Central Bank Communication: One Size Does Not Fit All," RBA Research Discussion Papers rdp2021-05, Reserve Bank of Australia.

  4. Chris Edmond & Richard Holden & Bruce Preston, 2020. "Should We Worry about Government Debt? Thoughts on Australia's COVID‐19 Response," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 53(4), pages 557-565, December.

    Cited by:

    1. Basse, Tobias & Wegener, Christoph, 2022. "Inflation expectations: Australian consumer survey data versus the bond market," Journal of Economic Behavior & Organization, Elsevier, vol. 203(C), pages 416-430.
    2. Foster, Gigi & Frijters, Paul, 2024. "Hiding the elephant: the tragedy of COVID policy and its economist apologists," LSE Research Online Documents on Economics 122384, London School of Economics and Political Science, LSE Library.
    3. Wu, Julia Yonghua & Opare, Solomon & Bhuiyan, Md. Borhan Uddin & Habib, Ahsan, 2022. "Determinants and consequences of debt maturity structure: A systematic review of the international literature," International Review of Financial Analysis, Elsevier, vol. 84(C).

  5. Eusepi, Stefano & Giannoni, Marc P. & Preston, Bruce, 2018. "Some implications of learning for price stability," European Economic Review, Elsevier, vol. 106(C), pages 1-20.
    See citations under working paper version above.
  6. Stefano Eusepi & Bruce Preston, 2018. "Fiscal Foundations of Inflation: Imperfect Knowledge," American Economic Review, American Economic Association, vol. 108(9), pages 2551-2589, September.
    See citations under working paper version above.
  7. Stefano Eusepi & Bruce Preston, 2018. "The Science of Monetary Policy: An Imperfect Knowledge Perspective," Journal of Economic Literature, American Economic Association, vol. 56(1), pages 3-59, March.
    See citations under working paper version above.
  8. Eusepi, Stefano & Preston, Bruce, 2015. "Consumption heterogeneity, employment dynamics and macroeconomic co-movement," Journal of Monetary Economics, Elsevier, vol. 71(C), pages 13-32.
    See citations under working paper version above.
  9. Hong, Han & Preston, Bruce, 2012. "Bayesian averaging, prediction and nonnested model selection," Journal of Econometrics, Elsevier, vol. 167(2), pages 358-369.
    See citations under working paper version above.
  10. Stefano Eusepi & Bruce Preston, 2012. "Debt, Policy Uncertainty, And Expectations Stabilization," Journal of the European Economic Association, European Economic Association, vol. 10(4), pages 860-886, August.
    See citations under working paper version above.
  11. Eusepi, Stefano & Preston, Bruce, 2011. "Learning the fiscal theory of the price level: Some consequences of debt-management policy," Journal of the Japanese and International Economies, Elsevier, vol. 25(4), pages 358-379.
    See citations under working paper version above.
  12. Stefano Eusepi & Bruce Preston, 2011. "Expectations, Learning, and Business Cycle Fluctuations," American Economic Review, American Economic Association, vol. 101(6), pages 2844-2872, October.
    See citations under working paper version above.
  13. Alejandro Justiniano & Bruce Preston, 2010. "Monetary policy and uncertainty in an empirical small open-economy model," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 25(1), pages 93-128.
    See citations under working paper version above.
  14. Stefano Eusepi & Bruce Preston, 2010. "Central Bank Communication and Expectations Stabilization," American Economic Journal: Macroeconomics, American Economic Association, vol. 2(3), pages 235-271, July.
    See citations under working paper version above.
  15. Justiniano, Alejandro & Preston, Bruce, 2010. "Can structural small open-economy models account for the influence of foreign disturbances?," Journal of International Economics, Elsevier, vol. 81(1), pages 61-74, May.
    See citations under working paper version above.
  16. Preston, Bruce, 2008. "Adaptive learning and the use of forecasts in monetary policy," Journal of Economic Dynamics and Control, Elsevier, vol. 32(11), pages 3661-3681, November.

    Cited by:

    1. Stefano Eusepi & Bruce Preston, 2008. "Stabilizing expectations under monetary and fiscal policy coordination," Staff Reports 343, Federal Reserve Bank of New York.
    2. Lars E. O. Svensson, 2005. "Targeting versus instrument rules for monetary policy: what is wrong with McCallum and Nelson?," Review, Federal Reserve Bank of St. Louis, vol. 87(Sep), pages 613-626.
    3. Lars E. O. Svensson, 2003. "Monetary policy and learning," Economic Review, Federal Reserve Bank of Atlanta, vol. 88(Q3), pages 11-16.
    4. F. Di Pace & K. Mitra & S. Zhang, 2021. "Adaptive Learning and Labor Market Dynamics," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 53(2-3), pages 441-475, March.
    5. James B. Bullard & Stefano Eusepi, 2004. "Did the Great Inflation occur despite policymaker commitment to a Taylor rule?," Working Papers 2003-013, Federal Reserve Bank of St. Louis.
    6. Giannoni, Marc P., 2014. "Optimal interest-rate rules and inflation stabilization versus price-level stabilization," Journal of Economic Dynamics and Control, Elsevier, vol. 41(C), pages 110-129.
    7. Greta Meggiorini & Fabio Milani, 2021. "Behavioral New Keynesian Models: Learning vs. Cognitive Discounting," CESifo Working Paper Series 9039, CESifo.
    8. Rodrigo Vergara, 2010. "Monetary Policy after the Crisis: Some Issues Regarding Targets and Instruments," Economic Policy Papers Central Bank of Chile 38, Central Bank of Chile.
    9. Cúrdia, Vasco & Woodford, Michael, 2016. "Credit Frictions and Optimal Monetary Policy," Journal of Monetary Economics, Elsevier, vol. 84(C), pages 30-65.
    10. Jiri Bohm & Jan Filacek & Ivana Kubicova & Romana Zamazalova, 2011. "Price-Level Targeting - A Real Alternative to Inflation Targeting?," Research and Policy Notes 2011/01, Czech National Bank, Research and Statistics Department.
    11. Koursaros, Demetris, 2019. "Learning expectations using multi-period forecasts," Journal of Economics and Business, Elsevier, vol. 102(C), pages 1-25.
    12. Warwick J McKibbin, 2004. "Discussion of 'Can Central Bank Transparency Go Too Far?'," RBA Annual Conference Volume (Discontinued), in: Christopher Kent & Simon Guttmann (ed.),The Future of Inflation Targeting, Reserve Bank of Australia.
    13. Paul Hubert, 2015. "Policy implications of learning from more accurate Central Bank Forecasts," Sciences Po Economics Publications (main) hal-03459994, HAL.
    14. Mele, Antonio & Molnar, Krisztina & Santoro, Sergio, 2018. "On the perils of stabilizing prices when agents are learning," Discussion Paper Series in Economics 22/2018, Norwegian School of Economics, Department of Economics.
    15. Michael Woodford, 2010. "Optimal Monetary Stabilization Policy," NBER Working Papers 16095, National Bureau of Economic Research, Inc.
    16. Eusepi, Stefano & Preston, Bruce, 2011. "Learning the fiscal theory of the price level: Some consequences of debt-management policy," Journal of the Japanese and International Economies, Elsevier, vol. 25(4), pages 358-379.
    17. Fabio Milani, 2005. "Learning, Monetary Policy Rules, and Macroeconomic Stability," Macroeconomics 0508019, University Library of Munich, Germany.
    18. Arifovic, Jasmina & Petersen, Luba, 2017. "Stabilizing expectations at the zero lower bound: Experimental evidence," Journal of Economic Dynamics and Control, Elsevier, vol. 82(C), pages 21-43.
    19. Fabio Milani, 2005. "A Bayesian DSGE Model with Infinite-Horizon Learning: Do "Mechanical" Sources of Persistence Become Superfluous?," Working Papers 060703, University of California-Irvine, Department of Economics.
    20. James B. Bullard & Stefano Eusepi, 2009. "When does determinacy imply expectational stability?," Working Papers 2008-007, Federal Reserve Bank of St. Louis.
    21. Martin ZUMPE, 2010. "Monetary Policy Rules, Learning and Stability: a Survey of the Recent Literature (In French)," Cahiers du GREThA (2007-2019) 2010-01, Groupe de Recherche en Economie Théorique et Appliquée (GREThA).
    22. Fabio Milani, 2005. "Expectations, Learning and Macroeconomic Persistence," Macroeconomics 0510022, University Library of Munich, Germany.
    23. Muto, Ichiro, 2011. "Monetary policy and learning from the central bank's forecast," Journal of Economic Dynamics and Control, Elsevier, vol. 35(1), pages 52-66, January.
    24. Preston, Bruce, 2006. "Adaptive learning, forecast-based instrument rules and monetary policy," Journal of Monetary Economics, Elsevier, vol. 53(3), pages 507-535, April.
    25. Vicente da Gama Machado, 2012. "Monetary Policy, Asset Prices and Adaptive Learning," Working Papers Series 274, Central Bank of Brazil, Research Department.
    26. Gáti, Laura, 2022. "Monetary policy & anchored expectations: an endogenous gain learning model," Working Paper Series 2685, European Central Bank.
    27. Yu-chin Chen & Pisut Kulthanavit, 2016. "Monetary Policy with Imperfect Knowledge in a Small Open Economy," PIER Discussion Papers 28, Puey Ungphakorn Institute for Economic Research.
    28. Pei Kuang & Kaushik Mitra, 2015. "Long-Run Growth Uncertainty," Discussion Papers 15-07, Department of Economics, University of Birmingham.
    29. Gibbs, Christopher G. & Kulish, Mariano, 2017. "Disinflations in a model of imperfectly anchored expectations," European Economic Review, Elsevier, vol. 100(C), pages 157-174.
    30. Marc P. Giannoni, 2010. "Optimal Interest-Rate Rules in a Forward-Looking Model, and Inflation Stabilization versus Price-Level Stabilization," NBER Working Papers 15986, National Bureau of Economic Research, Inc.
    31. Paul Hubert, 2010. "Monetary policy, imperfect information and the expectations channel [Politique monétaire,information imparfaite et canal des anticipations]," Sciences Po Economics Publications (main) tel-04095385, HAL.
    32. Milani, Fabio, 2010. "Expectation Shocks and Learning as Drivers of the Business Cycle," CEPR Discussion Papers 7743, C.E.P.R. Discussion Papers.
    33. Michael Woodford, 2007. "Forecast Targeting as a Monetary Policy Strategy: Policy Rules in Practice," NBER Working Papers 13716, National Bureau of Economic Research, Inc.
    34. Sofía Bauducco & Rodrigo Caputo, 2010. "Price Level Targeting and Inflation Targeting: a Review," Working Papers Central Bank of Chile 601, Central Bank of Chile.
    35. Sheen, Jeffrey & Wang, Ben Zhe, 2016. "Animal spirits and optimal monetary policy design in the presence of labour market frictions," Economic Modelling, Elsevier, vol. 52(PB), pages 898-912.
    36. Lars E.O. Svensson, 2004. "Targeting Rules vs. Instrument Rules for Monetary Policy: What is Wrong with McCallum and Nelson?," NBER Working Papers 10747, National Bureau of Economic Research, Inc.
    37. Fabio Milani, 2009. "The Effect of Global Output on U.S. Inflation and Inflation Expectations: A Structural Estimation," Working Papers 080920, University of California-Irvine, Department of Economics.
    38. Stephen J. Cole & Fabio Milani, 2016. "The Misspecification of Expectations in New Keynesian Models: A DSGE-VAR Approach," CESifo Working Paper Series 6099, CESifo.
    39. Stefano Eusepi & Bruce Preston, 2010. "Central Bank Communication and Expectations Stabilization," American Economic Journal: Macroeconomics, American Economic Association, vol. 2(3), pages 235-271, July.

  17. Stefano Eusepi & Bruce Preston, 2007. "Central bank communication and expectations stabilization," Proceedings, Federal Reserve Bank of San Francisco.

    Cited by:

    1. Arango, Luis E. & Pantoja, Javier & Velásquez, Carlos, 2023. "A content analysis of the Central Bank's press releases in Colombia," Latin American Journal of Central Banking (previously Monetaria), Elsevier, vol. 4(3).
    2. Hughes Hallett Andrew & Di Bartolomeo Giovanni & Acocella Nicola, 2008. "Controllability under rational expectations," wp.comunite 0042, Department of Communication, University of Teramo.
    3. Hughes Hallett, Andrew & Acocella, Nicola & Di Bartolomeo, Giovanni, 2008. "When Can Central Banks Anchor Expectations? Policy communication and controllability," CEPR Discussion Papers 7078, C.E.P.R. Discussion Papers.
    4. Matysek-Jędrych Anna, 2018. "On the growing accountability of central banks for financial stability–the macroprudential perspective," Economics and Business Review, Sciendo, vol. 4(4), pages 30-45, November.
    5. Magdalena Szyszko, 2011. "The interdependences of central bank’s forecasts and economic agents inflation expectations.Empirical study," NBP Working Papers 105, Narodowy Bank Polski.
    6. Rhee, Hyuk Jae & Turdaliev, Nurlan, 2013. "Central bank transparency: Does it matter?," International Review of Economics & Finance, Elsevier, vol. 27(C), pages 183-197.
    7. Honkapohja, Seppo & Evans, George W., 2008. "Expectations, Learning and Monetary Policy: An Overview of Recent Rersearch," CEPR Discussion Papers 6640, C.E.P.R. Discussion Papers.
    8. Alberto Locarno, 2012. "Monetary policy in a model with misspecified, heterogeneous and ever-changing expectations," Temi di discussione (Economic working papers) 888, Bank of Italy, Economic Research and International Relations Area.
    9. Muchlinski, Elke, 2010. "Metaphern, Begriffe und Bedeutungen: Das Beispiel internationale monetäre Institutionen," Discussion Papers 2010/14, Free University Berlin, School of Business & Economics.
    10. Paul Hubert, 2009. "Informational Advantage and Influence of Communicating Central Banks," Documents de Travail de l'OFCE 2009-04, Observatoire Francais des Conjonctures Economiques (OFCE).
    11. Manuel Amador & Pierre-Olivier Weill, 2008. "Learning from Prices: Public Communication and Welfare," NBER Working Papers 14255, National Bureau of Economic Research, Inc.
    12. Luis E. Arango & Javier Pantoja & Carlos Velásquez, 2017. "Effects of the central bank’s communications in Colombia. A content analysis," Borradores de Economia 1024, Banco de la Republica de Colombia.
    13. Katerina Smidkova, 2008. "Evaluation of the Fulfilment of the CNB's Inflation Targets," Occasional Publications - Chapters in Edited Volumes, in: Katerina Smidkova (ed.), Evaluation of the Fulfilment of the CNB's Inflation Targets 1998-2007, chapter 1, pages 10-17, Czech National Bank, Research and Statistics Department.
    14. Alan S. Blinder & Michael Ehrmann & Marcel Fratzscher & Jakob De Haan & David-Jan Jansen, 2008. "Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence," NBER Working Papers 13932, National Bureau of Economic Research, Inc.
    15. Donato Masciandaro & Davide Romelli, 2016. "From Silence to Voice: Monetary Policy, Central Bank Governance and Communication," BAFFI CAREFIN Working Papers 1627, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    16. James B. Bullard & Stefano Eusepi, 2009. "When does determinacy imply expectational stability?," Working Papers 2008-007, Federal Reserve Bank of St. Louis.
    17. Stefano Eusepi, 2008. "Central bank transparency and nonlinear learning dynamics," Staff Reports 342, Federal Reserve Bank of New York.
    18. Richhild Moessner & David-Jan Jansen & Jakob de Haan, 2017. "Communication About Future Policy Rates In Theory And Practice: A Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 31(3), pages 678-711, July.
    19. Evans, George W. & Honkapohja, Seppo & Mitra, Kaushik, 2009. "Anticipated fiscal policy and adaptive learning," Journal of Monetary Economics, Elsevier, vol. 56(7), pages 930-953, October.
    20. Evans, George W. & Honkapohja, Seppo, 2009. "Expectations, deflation traps and macroeconomic policy," Bank of Finland Research Discussion Papers 24/2009, Bank of Finland.
    21. Katerina Smidkova & Aleš Bulíø, 2008. "Hits and Misses: Ten Years of Czech Inflation Targeting (Introduction)," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 58(09-10), pages 398-405, December.
    22. Carl E. Walsh, 2009. "Inflation Targeting: What Have We Learned?," International Finance, Wiley Blackwell, vol. 12(2), pages 195-233, August.
    23. Pinshi, Christian P., 2020. "Monetary policy in DR. Congo : Learning about communication and expectations," MPRA Paper 100262, University Library of Munich, Germany.
    24. Salle, Isabelle & Yıldızoğlu, Murat & Sénégas, Marc-Alexandre, 2013. "Inflation targeting in a learning economy: An ABM perspective," Economic Modelling, Elsevier, vol. 34(C), pages 114-128.
    25. Donato Masciandaro & Davide Romelli & Gaia Rubera, 2020. "Tweeting on Monetary Policy and Market Sentiments: The Central Bank Surprise Index," BAFFI CAREFIN Working Papers 20134, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    26. Mitra, Kaushik & Evans, George W. & Honkapohja, Seppo, 2013. "Policy change and learning in the RBC model," Journal of Economic Dynamics and Control, Elsevier, vol. 37(10), pages 1947-1971.
    27. Stefano Eusepi & Bruce Preston, 2010. "Central Bank Communication and Expectations Stabilization," American Economic Journal: Macroeconomics, American Economic Association, vol. 2(3), pages 235-271, July.

  18. Preston, Bruce, 2006. "Adaptive learning, forecast-based instrument rules and monetary policy," Journal of Monetary Economics, Elsevier, vol. 53(3), pages 507-535, April.

    Cited by:

    1. Cho, Seonghoon, 2015. "Determinacy and e-stability under reduced-form learning," Economics Letters, Elsevier, vol. 128(C), pages 69-71.
    2. Marco Airaudo & Salvatore Nisticò & Luis-Felipe Zanna, 2014. "Learning, Monetary Policy and Asset Prices," Working Papers 4/14, Sapienza University of Rome, DISS.
    3. Guido Ascari & Anna Florio, 2012. "Transparency, Expectations Anchoring and the Inflation Target," DEM Working Papers Series 022, University of Pavia, Department of Economics and Management.
    4. Milani, Fabio, 2008. "Learning, monetary policy rules, and macroeconomic stability," Journal of Economic Dynamics and Control, Elsevier, vol. 32(10), pages 3148-3165, October.
    5. Bartholomew Moore, 2016. "The stability of learning prior to an anticipated change in the target inflation rate," International Journal of Monetary Economics and Finance, Inderscience Enterprises Ltd, vol. 9(3), pages 267-293.
    6. Bao, Te & Dai, Yun & Duffy, John, 2025. "Least squares learning? Evidence from the laboratory," Journal of Economic Dynamics and Control, Elsevier, vol. 172(C).
    7. Miguel Casares, 2006. "A close look at model-dependent monetary policy design," Review, Federal Reserve Bank of St. Louis, vol. 88(Sep), pages 451-470.
    8. Elton Beqiraj & Giovanni Di Bartolomeo & Marco Di Pietro & Carolina Serpieri, 2018. "Bounded-rationality and heterogeneous agents: Long or short forecasters?," JRC Research Reports JRC111392, Joint Research Centre.
    9. Stefano Eusepi & Bruce Preston, 2008. "Stabilizing expectations under monetary and fiscal policy coordination," Staff Reports 343, Federal Reserve Bank of New York.
    10. Giovanni Di Bartolomeo & Carolina Serpieri, 2025. "Robust optimal monetary policies in behavioral New Keynesian DSGE models," Working Papers in Public Economics 261, Department of Economics and Law, Sapienza University of Roma.
    11. Di Bartolomeo, Giovanni & Di Pietro, Marco & Giannini, Bianca, 2016. "Optimal monetary policy in a New Keynesian model with heterogeneous expectations," Journal of Economic Dynamics and Control, Elsevier, vol. 73(C), pages 373-387.
    12. Kuang, Pei & Mitra, Kaushik, 2016. "Long-run growth uncertainty," Journal of Monetary Economics, Elsevier, vol. 79(C), pages 67-80.
    13. Branch, William A. & McGough, Bruce, 2009. "A New Keynesian model with heterogeneous expectations," Journal of Economic Dynamics and Control, Elsevier, vol. 33(5), pages 1036-1051, May.
    14. Agliari, Anna & Pecora, Nicolò & Spelta, Alessandro, 2015. "Coexistence of equilibria in a New Keynesian model with heterogeneous beliefs," Chaos, Solitons & Fractals, Elsevier, vol. 79(C), pages 83-95.
    15. F. Di Pace & K. Mitra & S. Zhang, 2021. "Adaptive Learning and Labor Market Dynamics," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 53(2-3), pages 441-475, March.
    16. Elton Beqiraj & Giovanni Di Bartolomeo & Marco Di Pietro & Carolina Serpieri, 2020. "Bounded rationality and heterogeneous expectations: Euler versus anticipated-utility approach," Journal of Economics, Springer, vol. 130(3), pages 249-273, August.
    17. Honkapohja, Seppo & Evans, George W., 2008. "Expectations, Learning and Monetary Policy: An Overview of Recent Rersearch," CEPR Discussion Papers 6640, C.E.P.R. Discussion Papers.
    18. Greta Meggiorini & Fabio Milani, 2021. "Behavioral New Keynesian Models: Learning vs. Cognitive Discounting," CESifo Working Paper Series 9039, CESifo.
    19. Martin Fukac, 2005. "Should Private Expectations Concern Central Bankers?," CERGE-EI Working Papers wp277, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
    20. Angel Asensio, 2012. "On Keynes’s Seminal Innovation and Related Essential Features: Revisiting the Notion of Equilibrium in The General Theory," Chapters, in: Thomas Cate (ed.), Keynes’s General Theory, chapter 1, Edward Elgar Publishing.
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    52. Barbara Annicchiarico & Fabio Di Dio & Francesca Diluiso, 2022. "Climate Actions, Market Beliefs and Monetary Policy," CEIS Research Paper 535, Tor Vergata University, CEIS, revised 25 Mar 2022.
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  19. Bruce Preston, 2005. "Learning about Monetary Policy Rules when Long-Horizon Expectations Matter," International Journal of Central Banking, International Journal of Central Banking, vol. 1(2), September.
    See citations under working paper version above.
  20. Jonathan A. Parker & Bruce Preston, 2005. "Precautionary Saving and Consumption Fluctuations," American Economic Review, American Economic Association, vol. 95(4), pages 1119-1143, September.
    See citations under working paper version above.
  21. Hong, Han & Preston, Bruce & Shum, Matthew, 2003. "Generalized Empirical Likelihood–Based Model Selection Criteria For Moment Condition Models," Econometric Theory, Cambridge University Press, vol. 19(6), pages 923-943, December.

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    1. Cheng, Xu & Liao, Zhipeng, 2015. "Select the valid and relevant moments: An information-based LASSO for GMM with many moments," Journal of Econometrics, Elsevier, vol. 186(2), pages 443-464.
    2. Susanne M. Schennach & Daniel Wilhelm, 2014. "A simple parametric model selection test," CeMMAP working papers 10/14, Institute for Fiscal Studies.
    3. Otsu, Taisuke, 2010. "On Bahadur efficiency of empirical likelihood," Journal of Econometrics, Elsevier, vol. 157(2), pages 248-256, August.
    4. Taisuke Otsu & Myung Hwan Seo & Yoon-Jae Whang, 2008. "Testing for Non-Nested Conditional Moment Restrictions Using Unconditional Empirical Likelihood," Cowles Foundation Discussion Papers 1660, Cowles Foundation for Research in Economics, Yale University.
    5. Liu, Chu-An & Tao, Jing, 2016. "Model selection and model averaging in nonparametric instrumental variables models," MPRA Paper 69492, University Library of Munich, Germany.
    6. Jinyuan Chang & Zhentao Shi & Jia Zhang, 2021. "Culling the herd of moments with penalized empirical likelihood," Papers 2108.03382, arXiv.org, revised May 2022.
    7. Shi, Zhentao, 2016. "Econometric estimation with high-dimensional moment equalities," Journal of Econometrics, Elsevier, vol. 195(1), pages 104-119.
    8. Tae-Hwy Lee & Tao Wang, 2023. "Estimation and Testing of Forecast Rationality with Many Moments," Working Papers 202307, University of California at Riverside, Department of Economics.
    9. Ivan Korolev, 2018. "LM-BIC Model Selection in Semiparametric Models," Papers 1811.10676, arXiv.org.
    10. Hong, Han & Preston, Bruce, 2012. "Bayesian averaging, prediction and nonnested model selection," Journal of Econometrics, Elsevier, vol. 167(2), pages 358-369.
    11. Almeida, Caio & Garcia, René, 2012. "Assessing misspecified asset pricing models with empirical likelihood estimators," Journal of Econometrics, Elsevier, vol. 170(2), pages 519-537.
    12. Kai Feng & Han Hong & Ke Tang & Jingyuan Wang, 2019. "Decision Making with Machine Learning and ROC Curves," Papers 1905.02810, arXiv.org.
    13. Francis J. DiTraglia, 2011. "Using Invalid Instruments on Purpose: Focused Moment Selection and Averaging for GMM, Second Version," PIER Working Paper Archive 14-045, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 09 Dec 2014.
    14. Byunghoon Kang, 2018. "Higher Order Approximation of IV Estimators with Invalid Instruments," Working Papers 257105320, Lancaster University Management School, Economics Department.
    15. Mitze, Timo, 2010. "Estimating Gravity Models of International Trade with Correlated Time-Fixed Regressors: To IV or not IV?," MPRA Paper 23540, University Library of Munich, Germany.
    16. Hansen, Bruce E., 2005. "Challenges For Econometric Model Selection," Econometric Theory, Cambridge University Press, vol. 21(1), pages 60-68, February.
    17. Ando, Tomohiro & Sueishi, Naoya, 2019. "Regularization parameter selection for penalized empirical likelihood estimator," Economics Letters, Elsevier, vol. 178(C), pages 1-4.
    18. Kim, Jae-Young, 2012. "Model selection in the presence of nonstationarity," Journal of Econometrics, Elsevier, vol. 169(2), pages 247-257.
    19. Judge, George G. & Mittelhammer, Ron C., 2007. "Estimation and inference in the case of competing sets of estimating equations," Journal of Econometrics, Elsevier, vol. 138(2), pages 513-531, June.
    20. Minsu Chang & Francis J. DiTraglia, 2020. "A Generalized Focused Information Criterion for GMM," Papers 2011.07085, arXiv.org.
    21. DiTraglia, Francis J., 2016. "Using invalid instruments on purpose: Focused moment selection and averaging for GMM," Journal of Econometrics, Elsevier, vol. 195(2), pages 187-208.
    22. Kim, Jae-Young, 2014. "An alternative quasi likelihood approach, Bayesian analysis and data-based inference for model specification," Journal of Econometrics, Elsevier, vol. 178(P1), pages 132-145.
    23. Susanne M. Schennach, 2007. "Point estimation with exponentially tilted empirical likelihood," Papers 0708.1874, arXiv.org.
    24. Mitze, Timo, 2009. "Endogeneity in Panel Data Models with Time-Varying and Time-Fixed Regressors: To IV or not IV?," Ruhr Economic Papers 83, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
    25. Matteo Barigozzi & Roxana Halbleib & David Veredas, 2012. "Which model to match?," Working Papers 1229, Banco de España.
    26. Kari R. Hart & Teng Fei & John J. Hanfelt, 2021. "Scalable and robust latent trajectory class analysis using artificial likelihood," Biometrics, The International Biometric Society, vol. 77(3), pages 1118-1128, September.
    27. Francis DiTraglia, 2011. "Using Invalid Instruments on Purpose: Focused Moment Selection and Averaging for GMM, Second Version," PIER Working Paper Archive 15-027, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 10 Aug 2015.
    28. Jin, Fei & Lee, Lung-fei, 2019. "GEL estimation and tests of spatial autoregressive models," Journal of Econometrics, Elsevier, vol. 208(2), pages 585-612.
    29. Feng, Qiang, 2012. "A GEL-based AIC for model selection," Economics Letters, Elsevier, vol. 116(3), pages 637-639.
    30. Ruoyao Shi & Zhipeng Liao, 2018. "An Averaging GMM Estimator Robust to Misspecification," Working Papers 201803, University of California at Riverside, Department of Economics.
    31. Xu Cheng & Zhipeng Liao, 2012. "Select the Valid and Relevant Moments: A One-Step Procedure for GMM with Many Moments," PIER Working Paper Archive 12-045, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    32. Bruce E. Hansen, 2007. "Least Squares Model Averaging," Econometrica, Econometric Society, vol. 75(4), pages 1175-1189, July.

Software components

    Sorry, no citations of software components recorded.

Chapters

  1. Stefano Eusepi & Bruce Preston, 2010. "Learning the Fiscal Theory of the Price Level: Some Consequences of Debt-Management Policy," NBER Chapters, in: Fiscal Policy and Crisis, National Bureau of Economic Research, Inc.
    See citations under working paper version above.Sorry, no citations of chapters recorded.
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