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Financial Crises: An Approach From Expectations At Asset Markets

Author

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  • Sebastián Santocono

    (Universidad de San Andrés)

Abstract

This paper describes the different mechanisms applied by agents when forming their expectations along asset markets literature. Rational, extrapolative and adaptative expectations are being reviewed, as well as some other more alternative approaches such as natural expectations. The goal leading us through their examination is to find which one contributes the most at making models able to replicate empirical results. Particularly, which kind of expectations allows a better replication of asset bubbles formation, persistence and final collapse. In this terms, the best fit is given by extrapolative expectations, which are also those describing better the way agents behave at real asset markets.

Suggested Citation

  • Sebastián Santocono, 2019. "Financial Crises: An Approach From Expectations At Asset Markets," Revista de Economía Política de Buenos Aires, Universidad de Buenos Aires. Facultad de Ciencias Económicas., issue 18, pages 117-154, June.
    • Handle: RePEc:ake:repba1:y:2019:i:18:p:117-154
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