Columbia University, July 2012 John Kay’s thought-provoking essay[1] argues that economists have been led astray by excessive reliance on formal models derived from assumptions that bear [...]
Read moreINEXC-Conference : International Network on Expectational Cordination. Thursday 28th June. Collège de France, 3 rue d’Ulm, 75005 Paris Click here to see the video
Read moreINEXC-Conference : International Network on Expectational Cordination. Friday 29th June. Collège de France, 11 Place Marcelin Berthelot, 75005 Paris. Click here to see the video
Read moreWe present a multiperiod agency model of stock-based executive compensation in a speculative stock market, where investors have heterogeneous beliefs and stock prices may deviate [...]
Read moreThis paper investigates monetarypolicy design when central bank and private-sector expectations differ. Private agents learn adaptively; the central bank has a possibly misspecified model of [...]
Read moreThis paper uses a dynamic stochastic general equilibrium (DSGE) model with sticky information as a laboratory to study monetary policy. It characterizes the model’s predictions [...]
Read moreThis paper studies the consumption decisions of agents who face costs of acquiring, absorbing and processing information. These consumers rationally choose to only sporadically update [...]
Read moreThis paper reviews the theory of optimal monetary stabilization policy, with an emphasis on developments since the publication of Woodford (2003). The structure of optimal [...]
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Read moreThis paper extends the classic two-armed bandit problem to a many-agent setting in which N players each face the same experimentation problem. The main change [...]
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