English, Article, Journal or magazine article edition: Expectationally-driven Market Volatility: An Experimental Study Ramon Marimon; Stephen E. Spear; Shyam Sunder

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Bookmark: http://trove.nla.gov.au/version/153555
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Expectationally-driven market volatility: an experimental study
Author
  • Ramon Marimon
  • Stephen E. Spear
  • Shyam Sunder
Physical Description
  • preprint
Notes
  • RePEc:upf:upfgen:21
  • We study the existence and robustness of expectationally-driven price volatility in experimental overlapping generation economies. In the theoretical model under study there exist “pure sunspot” equilibria which can be “learned” if agents use some adaptive learning rules. Our data show the existence of expectationally-driven cycles, but only after subjects have been exposed to a sequence of real shocks and “learned” a real cycle. In this sense, we show evidence of path-dependent price volatility.
  • Prices
  • RePEc:fip:fedmem:73
Language
  • English
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