Natural Expectations, Macroeconomic Dynamics, and Asset Pricing

Andreas Fuster, Benjamin Hebert, David Laibson

NBER Working Paper No. 17301
Issued in August 2011

---- Acknowledgments ----

We are grateful to Daron Acemoglu, Nicholas Barberis, John Beshears, Markus Brunnermeier, John Campbell, James Choi, Larry Christiano, John Driscoll, Emmanuel Farhi, Kenneth French, Xavier Gabaix, Stefano Giglio, Lars Peter Hansen, Blake LeBaron, Greg Mankiw, Joshua Schwartzstein, Andrei Shleifer, Jeremy Stein, Jim Stock, Michael Woodford, our discussants Marty Eichenbaum and George Evans, and seminar/conference participants for helpful comments and discussions. We are indebted to Brendan Price and Fernando Yu for excellent research assistance. David Laibson acknowledges support from the NIA (P01AG005842). The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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