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Imperfect information in macroeconomics

 

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Type:   Article
 
Titre:   Imperfect information in macroeconomics
 
Auteur(s):   Hubert, Paul - Observatoire français des conjonctures économiques (Auteur)
Ricco, Giovanni - Observatoire français des conjonctures économiques (Auteur)
 
In:   Revue de l'OFCE
 
Date de publication:   2018-09
 
Éditeur:   Paris  :  OFCE
 
Numéro:   157
 
Pages:   181-196  p.
 
ISSN:   12659576
 
Mots-clés:   [en] Infomational frictions, Imperfect information, Economic policy
 
Résumé:   [en] This article presents some recent theoretical and empirical contributions to the macroeconomic literature that challenge the perfect information hypothesis. By taking into account the information frictions encountered by economic agents, it is possible to explain some of the empirical regularities that are difficult to rationalise in the standard framework of full information rational expectations. As an example, we discuss how the sign, size and persistence of the estimated effects of monetary and fiscal policies can change when the informational frictions experienced by economic agents are taken into account.
 
URL:   https://www.ofce.sciences-po.fr/pdf/revue/11-157OFCE.pdf
 
 

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Version de l'éditeur 11-157-2018-imperfect-information-in-macroeconomics-phubert.pdf 0,78 MB
 

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