Rational Sunspots

dc.contributor.authorAscari, Guido
dc.contributor.authorBanomolo, Paolo
dc.contributor.authorHEDIBERT FREITAS LOPES
dc.coverage.cidadeSão Paulopt_BR
dc.coverage.paisBrasilpt_BR
dc.creatorAscari, Guido
dc.creatorBanomolo, Paolo
dc.date.accessioned2023-07-26T05:39:40Z
dc.date.available2023-07-26T05:39:40Z
dc.date.issued2016
dc.description.otherThe instability of macroeconomic variables is usually ruled out by rational ex pectations. We propose a generalization of the rational expectations framework to estimate possible temporary unstable paths. Our approach yields drifting pa rameters and stochastic volatility. The methodology allows the data to choose between di§erent possible alternatives: determinacy, indeterminacy and instabil ity. We apply our methodology to US ináation dynamics in the í70s through the lens of a simple New Keynesian model. When unstable RE paths are allowed, the data unambiguously select them to explain the stagáation period in the ë70s. Thus, our methodology suggests that US ináation dynamics in the í70s is better described by unstable rational equilibrium paths.pt_BR
dc.format.extent51 p.pt_BR
dc.format.mediumDigitalpt_BR
dc.identifier.issueWPE 366/2016
dc.identifier.urihttps://repositorio.insper.edu.br/handle/11224/5974
dc.language.isoInglêspt_BR
dc.publisherInsperpt_BR
dc.relation.ispartofseriesInsper Working Paperpt_BR
dc.rights.licenseO INSPER E ESTE REPOSITÓRIO NÃO DETÊM OS DIREITOS DE USO E REPRODUÇÃO DOS CONTEÚDOS AQUI REGISTRADOS. É RESPONSABILIDADE DO USUÁRIO VERIFICAR OS USOS PERMITIDOS NA FONTE ORIGINAL, RESPEITANDO-SE OS DIREITOS DE AUTOR OU EDITORpt_BR
dc.subject.keywordsRational Expectationspt_BR
dc.subject.keywordsSunspotspt_BR
dc.subject.keywordsInstabilitypt_BR
dc.subject.keywordsIndeterminacypt_BR
dc.subject.keywordsInflationpt_BR
dc.subject.keywordsMonetary Policypt_BR
dc.titleRational Sunspotspt_BR
dc.typeworking paper
dspace.entity.typePublication
local.subject.cnpqCiências Exatas e da Terrapt_BR
local.subject.cnpqCiências Sociais Aplicadaspt_BR
local.typeWorking Paperpt_BR
relation.isAuthorOfPublication41f844cb-0e5a-4ef1-bb19-5ab1cec8e2ca
relation.isAuthorOfPublication.latestForDiscovery41f844cb-0e5a-4ef1-bb19-5ab1cec8e2ca
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