Research has linked parents’ educational expectations to children’s educational attainment, but findings are inconsistent regarding differences in educational expectations by race and ethnicity. In addition, existing studies have focused on school-age children and their parents. In this study, we use a state representative sample to examine educational expectations among mothers of newborn chil...

Recent research has suggested that globalization may have transformed the U.S. Phillips curve by making inflation a function of global, rather than domestic, economic activity. This paper tests this view by estimating a semi-structural model for the U.S., which incorporates a role of global output on the domestic demand and supply relations and on the formation of expectations. Expectations are...

Central bank communication plays an important role in shaping market participants’ expectations. This paper studies a simple nonlinear model of monetary policy in which agents have incomplete information about the economic environment. It shows that agents’ learning and the dynamics of the economy are heavily affected by central bank transparency about its policy rule. A central bank that does ...

MARKANTONI M., KOSTER S. and STRIJKER, D. Diversification of economic activities in rural areas is a prominent theme in regional development studies. This article examines the expectations of the side activities’ owners about the future development of their activities. From a policy point of view, these activities may have spatial and economic effects on rural areas. The main conclusion is that...

only if expectations are consistent with actual outcomes. But, how is it that economic actors could come to possess rational expectations if they do not initially possess detailed knowledge concerning the nature of equilibrium in the economy or economic situation in which they find themselves?1 Several key papers in the 1980s, including Bray (1982), Evans (1985), Lucas (1987), and Marcet and Sa...

A central tenet of inflation targeting is that establishing and maintaining well-anchored inflation expectations are essential. In this paper, we reexamine the role of key elements of the inflation targeting framework towards this end, in the context of an economy where economic agents have an imperfect understanding of the macroeconomic landscape within which the public forms expectations and ...

The business of technological expectations has yet to be thoroughly explored by scholars interested in the role of expectations and visions in the emergence of technological innovations. However, intermediaries specialising in the production, commodification and selling of future-oriented knowledge have emerged to exert new kinds of influence on the shaping of technology and innovation. We focu...

This paper assumes that output depends on a large number of variables, but that economic theory has only revealed a subset of these variables. The variables that determine output include exogenous shocks, as well as endogenous variables that depend on both the exogenous variables and agents’ expectations. This paper examines a policy maker’s attempts to forecast output under two different types...

The business of technological expectations has yet to be thoroughly explored by scholars interested in the role of expectations and visions in the emergence of technological innovations. However, intermediaries specialising in the production, commodification and selling of future-oriented knowledge have emerged to exert new kinds of influence on the shaping of technology and innovation. We focu...