Information Rigidity and the Expectations Formation Process

Released on by Mr.Olivier Coibion
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  • Information Rigidity and the Expectations Formation Process Book Detail

  • Author : Mr.Olivier Coibion
  • Release Date : 2012-12-20
  • Publisher : International Monetary Fund
  • Genre : Business & Economics
  • Pages : 55
  • ISBN 13 : 1475533861
  • File Size : 62,62 MB
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Information Rigidity and the Expectations Formation Process by Mr.Olivier Coibion PDF Summary

Book Description: We propose a new approach to test the full-information rational expectations hypothesis which can identify whether rejections of the arise from information rigidities. This approach quantifies the economic significance of departures from the and the underlying degree of information rigidity. Applying this approach to U.S. and international data of professional forecasters and other agents yields pervasive evidence consistent with the presence of information rigidities. These results therefore provide a set of stylized facts which can be used to calibrate imperfect information models. Finally, we document evidence of state-dependence in the expectations formation process.

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