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Handbook of Economic Expectations

  • Book
  • November 2022
  • Elsevier Science and Technology
  • ID: 5638109

Handbook of Economic Expectations discusses the state-of-the-art in the collection, study and use of expectations data in economics, including the modelling of expectations formation and updating, as well as open questions and directions for future research. The book spans a broad range of fields, approaches and applications using data on subjective expectations that allows us to make progress on fundamental questions around the formation and updating of expectations by economic agents and their information sets. The information included will help us study heterogeneity and potential biases in expectations and analyze impacts on behavior and decision-making under uncertainty.

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Table of Contents

I. Expectations Elicitation
1. Household surveys and probabilistic questions
2. Firm surveys
3. Surveys of professionals
4. Expectations in lab experiments
5. Field experiments in surveys
6. Market data

II. Expectations as Data
7. Inflation expectations
8. Housing market expectations
9. Expectations in education
10. Expectations in development
11. Expectations of older households (retirement, demographics)
12. Expectations of financial market participants
13. Expectations of firms about macroeconomic variables
14. Expectations of firms about their own variables

III. Expectations Data and Theory
15. Expectations data, term structure and monetary policy
16. Expectations data and DSGE models
17. Expectations data in structural micro models
18. Expectations data and asset pricing
19. Expectations data, labor market and job search

IV. Theory of Expectations
20. Sentiment and confidence in macro models
21. Expectations in incomplete market models
22. Heterogeneous beliefs
23. Ambiguity and Uncertainty
24. Learning

V. Open Issues
26. The Epidemiology of Expectations and the Media
27. Neuroeconomics and Expectations
28. Health Expectations

Authors

Ruediger Bachmann University of Notre Dame, Notre Dame, IN, USA. Rüdiger Bachmann is currently a Stepan Family Associate Professor (with tenure) of economics at the department of economics at the University of Notre Dame. At Notre Dame he is also a fellow of the Nanovic Institute for European Studies. He is a research affiliate with the Centre for Economic Policy Research (CEPR), a CESifo research network fellow and an external research professor at the ifo institute in Munich. Before joining the University of Notre Dame Bachmann was a full professor (W3) of behavioral economics and finance jointly at Goethe University and the Center of Excellence "Sustainable Architecture for Finance in Europe” (SAFE) in Frankfurt; the holder of the chair of economics, especially Macroeconomics (W3), at RWTH Aachen University; an assistant professor of economics at the University of Michigan; and a visiting (assistant) professor at the University of Pennsylvania, the University of Michigan, Harvard University and Boston University. Bachmann received undergraduate degrees in Economics and Philosophy from Mainz University, and a Ph.D. from Yale University in 2007. Bachmann also serves as an associate editor for the "Journal of Economic Dynamics and Control" and is a member of the macroeconomics committee of the German Economic Association. Giorgio Topa Federal Reserve Bank of New York, New York, NY, USA. Giorgio Topa is a Vice President in the Microeconomic Studies Function at the Federal Reserve Bank of New York. His primary research interests include applied microeconomics, labor economics and applied econometrics. He has been studying models of networks and social interactions, and associated econometric tools; mismatch in the labor market; job search behavior; consumer expectations and the elicitation of expectations in surveys. Prior to joining the New York Fed, Mr. Topa was an assistant professor at New York University. He holds a B.A. from Universita' di Venezia, Italy and a Ph.D. from the University of Chicago. Wilbert van der Klaauw Federal Reserve Bank of New York, New York, NY, USA. Wilbert Van Der Klaauw is a Senior Vice President in the Microeconomic Studies Function and Director of the Center for Microeconomic Data at the Federal Reserve Bank of New York. He is a labor economist and applied econometrician whose research interests include the study of life cycle labor supply, household financial behavior and expectations, educational investment and productivity, and econometric approaches to program evaluation. He is co-editor of Labour Economics. Prior to joining the New York Fed, Dr. van der Klaauw was a Professor at UNC-Chapel Hill and Assistant Professor at New York University. He holds a Ph.D. from Brown University.