Uncertainty, Expectations, and Financial Instability by Eric Barthalon

Author:Eric Barthalon
Language: eng
Format: epub
Tags: BUS069030, Business & Economics / Economics / Theory, BUS036000, Business & Economics / Investments & Securities / General
Publisher: Columbia University Press
Published: 2014-11-10T16:00:00+00:00

• For Z < 1, i < χ, economic agents discount the future at a lower rate than they forget the past: they have a long memory, they are patient, and the duration of their patience is longer than that of their memory .

• For Z > 1, i > χ, economic agents discount the future at a higher rate than they forget the past: they have a short memory, they are impatient, and the duration of their patience is shorter than that of their memory .

• For Z = 1, i = χ, the psychological rate of interest is equal to the rate of memory decay.

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