登入
選單
返回
Google圖書搜尋
Over-reaction in Macroeconomic Expectations
Pedro Bordalo
Nicola Gennaioli
Yueran Ma
Andrei Shleifer
出版
National Bureau of Economic Research
, 2018
URL
http://books.google.com.hk/books?id=b6UtuwEACAAJ&hl=&source=gbs_api
註釋
"The authors study the rationality of individual and consensus professional forecasts of macroeconomic and financial variables using the methodology of Coibion and Gorodnichenko (2015), which examines predictability of forecast errors from forecast revisions. They report two key findings: forecasters typically over-react to their individual news, while consensus forecasts under-react to average forecaster news. To reconcile these findings, they combine the diagnostic expectations model of belief formation from Bordalo, Gennaioli, and Shleifer (2018) with Woodford's (2003) noisy information model of belief dispersion. The forward looking nature of diagnostic expectations yields additional implications, which they also test and confirm. A structural estimation exercise indicates that our model captures important variation in the data, yielding a value for the belief distortion parameter similar to estimates obtained in other settings."--Abstract.
