SEOUL NATIONAL UNIVERSITY · CENTER FOR LAW & ECONOMICS
Center for Law & Economics, Seoul National UniversityCENTER FOR LAW & ECONOMICS
ECONOMICS · RESEARCH RECORD
GlobalMonetary & finance

DP21959 Subjective Models of the Macroeconomy and the Transmission of Monetary Policy

AT A GLANCE

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Standard macroeconomic theories assume that representative or heterogeneous agents share a common model of how the economy operates. Yet evidence shows that households hold

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