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)
Éditeur
Paris : OFCE
Numéro
157
Pages
181 - 196 p.
ISSN
12659576
Mots clés
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.
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