Belief Changes and Expectation Heterogeneity in Buy- and Sell-Side Professionals in the Japanese Stock Market

Ryuichi Yamamoto, Hideaki Hirata
2012 Social Science Research Network  
In contrast to the assumption of the traditional rational representative agent, several papers investigate survey data of professional forecasts on macroeconomic series, such as inflation and GDP, as well as financial series such as stock prices and foreign exchange rates, and find that the forecasts are heterogeneous. While Mankiw, Reis,
doi:10.2139/ssrn.2001976 fatcat:udtfgtavwrdzrev5ydjkqe4brm