Jean-Paul L'Huillier

TL;DR: In this article, the authors examine whether this view is consistent with the data and reach three main conclusions: structural estimation methods typically cannot recover news and noise shocks, if agents face a signal extraction problem, and are unable to separate news from noise, then the econometrician, faced with either the same data as the agents or a subset of these data, cannot do it either.

TL;DR: This paper found that beliefs about long-run income adjust to permanent shifts in productivity with an important delay, and that the Great Recession, the Great Depression, and the Japanese Slump of the 1990s were all preceded by periods of major technological innovation.

TL;DR: In this article, the authors study a situation where agents take extreme actions and how these actions are imitated by others, and find that an expert first mover had an advantage in obtaining herding by others on his investment decision, when compared to a non-expert first move.

TL;DR: In this article, the authors explore empirically models of aggregate fluctuations with two basic ingredients: agents form anticipations about the future based on noisy sources of information; these anticipations affect spending and output in the short run.

TL;DR: The authors argue that this is due to lower optimism about the future, more specifically to downward revisions in forecast potential growth, leading to temporarily weaker demand, and that the need for very low interest rates may be partly temporary.