Data and Code for: Myopia and Anchoring

Principal Investigator(s):  View help for Principal Investigator(s) George-Marios Angeletos, Massachusetts Institute of Technology; Zhen Huo, Yale University

Version:  View help for Version V1

Name File Type Size Last Modified
Figure_1_plot.m text/x-objcsrc 3.5 KB 10/24/2020 11:26:PM
Figure_2_3_plot.m text/x-objcsrc 8.1 KB 10/24/2020 11:12:PM
Figure_4_plot.m text/x-objcsrc 3.8 KB 10/24/2020 11:14:PM
Figure_5.m text/x-objcsrc 8.1 KB 10/24/2020 11:12:PM
Figure_B1_plot.m text/x-objcsrc 3.7 KB 10/24/2020 11:12:PM
Figure_D1_plot.m text/x-objcsrc 3.1 KB 10/24/2020 11:13:PM
README.pdf application/pdf 44.5 KB 02/16/2021 10:30:AM
Table_1.m text/x-objcsrc 3.9 KB 10/18/2020 07:46:PM
fun_BGMS.m text/x-matlab 3.8 KB 10/24/2020 11:13:PM
fun_CG_estimation.m text/x-matlab 3.4 KB 05/24/2020 11:54:AM

Project Citation: 

Angeletos, George-Marios, and Huo, Zhen. Data and Code for: Myopia and Anchoring. Nashville, TN: American Economic Association [publisher], 2021. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2021-03-19. https://doi.org/10.3886/E124903V1

Project Description

Summary:  View help for Summary We develop an equivalence between the equilibrium effects of incomplete information and those of two behavioral distortions:  myopia, or extra discounting of the future; and anchoring of current behavior to past behavior, as in models with habit persistence or adjustment costs. We show how these distortions depend on higher-order beliefs and GE mechanisms, and how they can be disciplined by evidence on expectations. We finally illustrate the use of our toolbox with a quantitative application in the context of inflation, a bridge to the HANK literature, and an extension to networks.
Funding Sources:  View help for Funding Sources National Science Foundation (SES-1757198)

Scope of Project

Subject Terms:  View help for Subject Terms Informational frictions; dynamics beauty contests; DSGE
JEL Classification:  View help for JEL Classification
      C72 Noncooperative Games
      D80 Information, Knowledge, and Uncertainty: General
      E30 Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data)
      E70 Macro-Based Behavioral Economics: General
Geographic Coverage:  View help for Geographic Coverage United States
Time Period(s):  View help for Time Period(s) 1968 – 2018
Data Type(s):  View help for Data Type(s) aggregate data; program source code; survey data

Methodology

Data Source:  View help for Data Source Individual Forecasts for the Survey of Professional Forecasters, 1968-2018

Historical Data Files for the Real-Time Data Set, Price Index for GNP/GDP (P), Quarterly Vintages, 1968-2018

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Published Versions

V1 [2021-03-19]

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