Neuere Erkenntnisse über Inflationserwartungen – Eine Systematik: Eine mikroökonomische Betrachtung des Erwartungsbildungs-prozesses und deren Konsequenzen auf die Geldpolitik

Kaiser Timo Pascal ()
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Kaiser Timo Pascal: Fachgebiet Volkswirtschaftslehre, Hochschule PforzheimPforzheimGermany

ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, 2020, vol. 71, issue 1, 211-244

Abstract: Many puzzles in macroeconomics can be solved by including subjective inflation expectations instead of other expectation concepts. These subjective expectations are not equivalent to Rational Expectations but there seem to be a coexistence of different expectation concepts at the same time. To explain this, expectation formation is described by a microeconomic process. Individuals maximize utility subject to cognitive restrictions and barriers by intaking information. Former concepts can be included in this scheme. Additionally former empirical findings fit in this theoretical frame. By using this theory conclusions for a regulatory framework can be described to reduce inflation expectation errors. Further research hypothesis can be derived from this to explain inflation expectations.

Keywords: Limited Rationality; Rational Expectations; Expectation Formation; Heterogeneous Expectations; Behavioral Macroeconomics; Beschränkte Rationalität; Rationale Erwartungen; Erwartungsbildung; heterogene Erwartungen; Verhaltensmakroökonomik; Limited Rationality; Rational Expectations; Expectation Formation; Heterogeneous Expectations; Behavioral Macroeconomics (search for similar items in EconPapers)
Date: 2020
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DOI: 10.1515/ordo-2021-0006

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