000			01157nam a22001577a 4500
999			_c518493 _d518493
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100			_aAngeletos, George-Marios and Huo, Zhen _929528
245			_aMyopia and anchoring
260			_aThe American Economic Review
300			_a111(4), Apr, 2021: p.1166-1200
520			_aWe 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. – Reproduced
650			_aPrice level, Inflation, Deflation, Prices, Business Fluctuations, Forecasting and simulation, Models and applications _929529
773			_aThe American Economic Review
906			_aINFLATION
942			_cAR