Imperfect Macroeconomic Expectations: Evidence and Theory
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We document a new fact about expectations: in response to the main shocks driving the business cycle, expectations underreact initially but overshoot later on. We show how previous, seemingly conflicting, evidence can be understood as different facets of this fact. We finally explain what the
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美国国家经济研究局创建时间：
2020-06-01
