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FORMATION OF EXPECTATIONS AND LEARNING IN THE MARKET

1990; Wiley; Volume: 28; Issue: 1 Linguagem: Inglês

10.1111/j.1746-1049.1990.tb00174.x

1746-1049

Akifumi Kuchiki, Kazuo Ogawa,

Complex Systems and Time Series Analysis

The Developing EconomiesVolume 28, Issue 1 p. 42-66 Free Access FORMATION OF EXPECTATIONS AND LEARNING IN THE MARKET Akifumi KUCHIKI, Akifumi KUCHIKISearch for more papers by this authorKazuo OGAWA, Kazuo OGAWASearch for more papers by this author Akifumi KUCHIKI, Akifumi KUCHIKISearch for more papers by this authorKazuo OGAWA, Kazuo OGAWASearch for more papers by this author First published: March 1990 https://doi.org/10.1111/j.1746-1049.1990.tb00174.x The authors would like to thank Hisashi Tanizaki for his excellent assistance in research and Eric Ramstetter, Mitsuru Toida, and an anonymous referee for their helpful comments. Any errors are of course, the sole responsibility of the authors. AboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onEmailFacebookTwitterLinkedInRedditWechat REFERENCES 1 Baillie, R. T.; Lippens, R. E.; and McMahon, P. C. Testing Rational Expectations and Efficiency in the Foreign Exchange Market,” Econometrica, Vol. 51, No. 3(May 1983). 2 Chow, G. C. Econometrics ( New York : McGraw-Hill Book, 1983). 3 Cyert, R. M., and DeGroot, M. H. Rational Expectations and Bayesian Analysis,” Journal of Political Economy, Vol. 82, No. 3(MayJune 1974). 4 DeCanio, S. J. Rational Expectations and Learning from Experience,” Quarterly Journal of Economics, Vol. 93, No. 1(February 1979). 5 Friedman, B. M. Optimal Expectations and the Extreme Information Assumptions of ‘Rational Expectations’ Macromodels,” Journal of Monetary Economics, Vol. 5, No. 1(January 1979). 6 Granger, C. W. J., and Newbold, P. Forecasting Economic Time Series ( New York : Academic Press, 1977). 7 Hakkio, C. S. Expectations and the Forward Exchange Rate,” International Economic Review, Vol. 22, No. 3(October 1981). 8 Hansen, L. P., and Hodrick, R. J. Forward Exchange Rates as Optimal Predictors of Future Spot Rates: An Econometric Analysis,” Journal of Political Economy, Vol. 88, No. 5(October 1980). 9 Hull, J. M. Principles of Behavior ( Englewood Cliffs : Appleton-Century-Crofts, 1943). 10 Kalman, R. E. A New Approach to Linear Filtering and Prediction Problems,” Transactions of ASME, Series D, Journal of Basic Engineering, Vol. 82, No. 1(1960). 11 Kuchiki, A. Catastrophe Expectations and the Importance of the Timing of Policy Implementation,” in Primary Commodity Issues in the Chilean Economy by Ricardo Ffrench-Davis, Jorge Bande, and Akifumi Kuchiki, Joint Research Programme Series No. 78 ( Tokyo : Institute of Developing Economies, 1989). 12 Newbery, D. M. G., and Stiglitz, J. E. The Theory of Commodity Price Stabilization ( Oxford : Clarendon Press, 1981). 13 Ogawa, K. A Theoretical Appraisal of the Price Stabilization Policy under Alternative Expectational Schemes,” Discussion Paper No. 9, Kobe University, April 1983. 14 Thom, R. Structural Stability and Morphogenesis ( New York : Benjamin/Cummings Publishing Co., 1975). 15 Turnovsky, S. J. The Distribution of Welfare Gains from Price Stabilization: A Survey of Some Theoretical Issues,” in Stabilizing World Commodity Markets: Analysis, Practice, and Policy, ed. F. G. Adams and S. A. Klein ( Lexington , Mass , and Toronto : Lexington Books and D.C. Heath and Co., 1978). 16 Zeeman, E. C. Catastrophe Theory, Selected Papers 1972–1977 ( Reading : Addision-Wesley Publishers, 1977). Volume28, Issue1March 1990Pages 42-66 ReferencesRelatedInformation