CORDIS Project
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This project develops a framework for understanding how agents form expectations in economic models, moving beyond traditional rational expectations. It explores implications for asset pricing and macroeconomic policy based on agents' beliefs.
A conventional assumption in dynamic models is that agents form their expectations in a very sophisticated manner.
In particular, that they have Rational Expectations (RE).
We develop some tools to relax this assumption while retaining fully optimal behaviour by agents.
We study implications for asset pricing and macro policy.We assume that agents have a consistent set of beliefs that is close, but not equal, to RE.
Agents are ""Internally Rational"", that is, they behave rationally given their…
FUNDACIÓ MARKETS, ORGANIZATIONS AND VOTES IN ECONOMICS
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