KNOWING THE FORECASTS OF OTHERS (2007)
Joseph G. Pearlman, J. Sargent
We apply recursive methods to obtain a finite dimensional and recursive representation of an equilibrium of one of Townsend's models of `forecasting the forecasts of others'. The...
Knowing the Forecasts of Others
Joseph G. Pearlman, Thomas J. Sargent
We apply recursive methods to obtain a finite dimensional and recursive representation of an equilibrium of one of Townsend's models of 'forecasting the forecasts of others'. The equilibrium has the...
Knowing the Forecasts of Others
Joseph G. Pearlman, Thomas J. Sargent
We apply recursive methods to obtain a finite dimensional and recursive representation of an equilibrium of one of Townsend's models of 'forecasting the forecasts of others'. The equilibrium has the...
Distribution dynamics and convergence are re--examined in the light of a consistencyrequirement for the ergodic distribution. The twin peaks phenomenon is reassessed using relative income and log...
Credibility, Ambiguity and Asymmetric Information with Wage Stickiness.
Levine, Paul L, Pearlman, Joseph G
The effect of asymmetric information on monetary policy is investigated in the context of an overlapping wage contract model. Optimal rules with and without precommitment under full information are...
Central bank transparency and private information in a dynamic macroeconomic model
We investigate the role of economic transparency within the framework of one of Townsend’s models of ‘forecasting the forecasts of others’. The equilibrium has the property that ‘higher order...