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Imperfect information in macroeconomics



Type:   Article
Title:   Imperfect information in macroeconomics
Author(s):   Hubert, Paul - Observatoire français des conjonctures économiques (Author)
Ricco, Giovanni - Observatoire français des conjonctures économiques (Author)
In:   Revue de l'OFCE
Date issued:   2018-09
Publisher:   Paris  :  OFCE
Issue:   157
Pages:   181-196  p.
ISSN:   12659576
Keywords:   [en] Infomational frictions, Imperfect information, Economic policy
Abstract:   [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.


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