English, Article, Journal or magazine article edition: Rational Expectations in Price Setting. Tests Based on Norwegian Export Prices Ingvild Svendsen

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Bookmark: http://trove.nla.gov.au/version/41403
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Rational Expectations in Price Setting. Tests Based on Norwegian Export Prices
Author
  • Ingvild Svendsen
Physical Description
  • preprint
Notes
  • This paper uses imperfect competition as a basis for modelling the export price for an aggregated commodity produced by the Norwegian private mainland economy. The long run solution is analysed using a cointegration technique. The dynamics are modelled according to two different approaches; a backward looking error correction model and a forward looking model where rational expectations are assumed. The dynamic structure of the forward looking model is derived from a linear quadratic adjustment cost function under rational expectations, but the empirical results do not support this specification. We cannot reject super-exogeneity to be present in the backward looking error correction model. The empirical evidence are thus not consistent with rational expectations.
  • Export price; Imperfect competition; LQAC models; ECM; Cointegration; Rational expectation; Super exogeneity
  • RePEc:ssb:dispap:226
Language
  • English
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