作者：Han, Zhao
摘要：Long-run fiscal levels, or synonymously, fiscal targets, are usually assumed to be known to households inside the economy. This paper investigates the effects of unknown fiscal targets in an incomplete information, anticipated utility (IIAU) environment. Slowly increasing transfer payments cause households to suspect time-varying targets, and misperceptions impact both their expectation formation and decision making. Perceived targets enter the IIAU model as nonlinear state variables, introduc...
作者：Larsen, Vegard H.; Thorsrud, Leif Anders; Zhulanova, Julia
作者单位：Norges Bank; BI Norwegian Business School; BI Norwegian Business School; BI Norwegian Business School
摘要：Using a large news corpus and machine learning algorithms we investigate the role played by the media in the expectations formation process of households, and conclude that the news topics media report on are good predictors of both inflation and inflation expectations. In turn, in a noisy information model, augmented with a simple media channel, we document that the time series features of relevant topics help explain time-varying information rigidity among households. As such, we provide a n...
