Regime Switches, Agents' Beliefs, and Post-World War II U.S. Macroeconomic Dynamics

The evolution of the U.S. economy over the past 55 years is examined through the lens of a microfounded model that allows for changes in the behaviour of the Federal Reserve and in the volatility of structural shocks. Agents are aware of the possibility of regime changes and their beliefs matter for...

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Bibliographic Details
Published in:The Review of economic studies 2013-04, Vol.80 (2 (283)), p.463-490
Main Author: BIANCHI, FRANCESCO
Format: Article
Language:English
Subjects:
Agents
Behavior change
Behavior modification
Beliefs
Change agents
Consumption
Contrafactuals
Counterfactual thinking
Counterfactuals
Economic change
Economic fluctuations
Economic models
Economic policy
Economic recessions
Federal Reserve Bank
Federal Reserve monetary policy
Inflation
Inflation rates
Inflation shocks
Macroeconomics
Monetary policy
Output potential
Post World War II period
Steady state economies
Studies
U.S.A
Volatility
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