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SUMMARY:The Behavioral Policy Uncertainty Channel and Fiscal Analysis: The
 ory and Evidence - Hormoz Ramian (University of Glasgow)
DTSTART:20230601T120000Z
DTEND:20230601T130000Z
UID:TALK175208@talks.cam.ac.uk
CONTACT:Daniel Simmons
DESCRIPTION:We show that the behavioural drivers of the equilibrium asset 
 prices pose as a significant uncertainty channel to policymakers. Whilst p
 olicymakers maintain an information superiority based on the supply side o
 perations\, their decisions often lead to suboptimal welfare implications 
 particularly due to the behavioural information constraints. This study pr
 esents a formal macro-finance framework where asset prices are determined 
 due to both physical and behavioural drivers where the society’s behavio
 ural responses to policies remain uncertain. We show that failure to incor
 porate an accurate account over the behavioural drivers lead to heighted r
 isk premia\, significant financial market drawbacks and negative real econ
 omic implications.
LOCATION:CJBS\, room W201
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