This paper revisits the generalized adaptive expectations (GAE) mechanism presented by Shepherd (2012) [When are adaptive expectations rational? A generalization, Economics Letters, 115, 4–6]. It provides the precise conditions under which GAE hold, and also discusses its implications for the modeling of expectations in macroeconomic models.
Generalized Adaptive Expectations Revisited
SORGE, MARCO MARIA
2013-01-01
Abstract
This paper revisits the generalized adaptive expectations (GAE) mechanism presented by Shepherd (2012) [When are adaptive expectations rational? A generalization, Economics Letters, 115, 4–6]. It provides the precise conditions under which GAE hold, and also discusses its implications for the modeling of expectations in macroeconomic models.File in questo prodotto:
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