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Walk on the Wild Side : Temporarily Unstable Paths and Multiplicative Sunspots
(15.05.2019)
American Economic Review 5 ; May
American Economic Review 5 ; May
We propose a generalization of the rational expectations framework to allow for temporarily unstable paths. Our approach introduces multiplicative sunspot shocks and it yields drifting parameters and stochastic volatility. ...
The pass-through to consumer prices in CIS economies : The role of exchange rates, commodities and other common factors
(18.04.2018)
Research in International Business and Finance April
Research in International Business and Finance April
This empirical study considers the pass-through of key nominal exchange rates and commodity prices to consumer prices in the Commonwealth of Independent States (CIS), taking into account the effect of idiosyncratic and ...
Cognitive Abilities and Inflation Expectations
(04.01.2019)
AEA Papers and Proceedings May
AEA Papers and Proceedings May
Cognitive abilities help explain the large cross-sectional variation in inflation expectations at the household level. But which type of cognitive abilities are important? We find that not only quantitative abilities but ...