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Expectation and Its Biasness: Research Progress and Puzzles
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TitleExpectation and Its Biasness: Research Progress and Puzzles  
AuthorZhong Chunping and Tian Ming  
Organization Huazhong University of Science and Technology, 
Key WordsMacroeconomics, Information; Expectation; Mechanism; Shock. 
AbstractExpectation is a fundamental issue in macroeconomics and its development, but it remains a puzzle whether expectation is biased or not. Generally, most research shows the expectation is biased, and there is information rigidity, and there are recent research on expectation formation such as information processing limit and rational inattention, however we need further research on expectation and mechanism of expectation formation. Macroeconomics and macroeconomic policy should be adjusted under different expectation models and information settings. 
Serial NumberWP552 
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