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DEEP Macro Workshop

The DEEP organizes a workshop covering a wide array of Macro topics, including growth, business cycles, monetary models, equilibrium asset pricing, labor markets, macro-econometrics, …

Presentations are 1h15, including questions from the audience. The workshop is open to external and internal speakers. 

Send an email to Fang.Liu.2@unil.ch for further information.

Indeterminacy and Imperfect Information

Elmar Mertens (Bank for International Settlements )

7 mars 2017  -  12:15-13:30, salle Extranef 109

Host(s): Philippe Bacchetta

 

We study equilibrium determination in an environment where two kinds of agents have different information sets: The fully informed agents know the structure of the model and observe histories of all exogenous and endogenous variables. The less in- formed agents observe only a strict subset of the full information set. All types of agents form expectations rationally, but agents with limited information need to solve a dynamic signal extraction problem to gather information about the variables they do not observe. We show that for parameters values that imply a unique equilibrium under full information, the limited information rational expectations equilibrium can be indeterminate. In a simple application of our framework to a monetary policy problem we show that limited information on part of the central bank implies indeterminate outcomes even when the Taylor Principle holds. 

Liste des prochaines séances

9 mai 2017 Fang Liu (UNIL)
12:15-13:30, salle Extranef 109

click here [↓] to go to the attached pdf
23 mai 2017 Francesco Pappadà (Banque de France)
Host(s): Kenza Benhima
12:15-13:30, salle Extranef 109

click here [↓] to go to the attached pdf
6 juin 2017 Rahul Mukherjee (IHEID)
Host(s): Kenza Benhima
12:15-13:30, salle Extranef 109

click here [↓] to go to the attached pdf
20 juin 2017 Jordan Roulleau-Pasdeloup (UNIL)
12:15-13:30, salle Extranef 109

click here [↓] to go to the attached pdf
>> Liste des séances précédentes
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