Economic news, expectations and macro-economic behaviour
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Abstract:

AbstractIn this article the effects of economic news on the formation of expectations, and on behaviour is discussed. How do people make causal attributions, form and revise expectations and how does this influence their spending and saving behaviour? Expectations are thus seen as intervening variables between stimulus and response, both at the individual and the aggregate level. Economic and psychological approaches to expectation formation are contrasted. Aggregate effects, such as self-fulfilling and self-negating effects, and the Index of Consumer Sentiment are discussed.

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