A leading macroeconomist argues that rational expectations about equilibrium prices in heterogeneous-agent models are implausibly complex and should be replaced by simpler, empirically disciplined price forecasts.
Income and Wealth Distribution in Macroeconomics: A Continuous-Time Approach,
1 Pith paper cite this work. Polarity classification is still indexing.
1
Pith paper citing it
fields
econ.GN 1years
2025 1verdicts
CONDITIONAL 1representative citing papers
citing papers explorer
-
The Trouble with Rational Expectations in Heterogeneous Agent Models: A Challenge for Macroeconomics
A leading macroeconomist argues that rational expectations about equilibrium prices in heterogeneous-agent models are implausibly complex and should be replaced by simpler, empirically disciplined price forecasts.