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|Title: ||Essays in rational expectations and in migration|
|Authors: ||Cubadda, Gianluca|
|Keywords: ||present value models|
|Issue Date: ||23-Oct-2008 |
|Abstract: ||Japan: The case for Taylor Rule? A simple Approach. In this article I propose two different models to analyze the monetary policy under certain
expectations rules: in one polar case expectations are adaptive, in the other polar case are rational.
I used these models to judge whether the Taylor Rule can be a good benchmark for the conduction of
the monetary policy in Japan, or not. When I looked at the Japanese economy, the
conclusion is that a simple AR model fits the data better than the Taylor rule, and
that assuming rational expectations in Japan could be highly misleading, at least in
the last 10 years.
Reconsidering the Present Value Model. The importance to be seasonal. Often economic agents' behaviour is described by Present Value Models,
a class of simple dynamic stochastic models such that one variable of interest depends upon
expected discounted future values of other variables.
Thanks to its simplicity, the strategy attracted much attention even
though the ...|
|Description: ||19. ciclo|
|Appears in Collections:||Tesi di dottorato in economia|
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