Heterogeneous Expectations and Business Cycle Fluctuations

Christian Hellwig

No 1126, 2009 Meeting Papers from Society for Economic Dynamics

Abstract: I develop methods for solving dynamic economic models with heterogeneous information, with applications to business cycle fluctuations (price-setting) and asset pricing. The analysis requires only a minimal set of assumptions on the information structure, and provides analytical or quantitative solutions for a wide range of DSGE Economies in which heterogeneous information gives rise to an infinite regress problem that results from "Forecasting the Forecasts of Others" (Townsend 1983).

Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:red:sed009:1126

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