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2 results

  • 8 - Am I Wise?

  • Robert J. Sternberg, Cornell University, New York, Judith Glück
  • Book:
    Wisdom
    Published online:
    07 October 2021
    Print publication:
    28 October 2021, pp 169-188

  • Summary

    This chapter enables readers to assess whether they are wise. It reviews elements of wisdom and tests readers on each of them: knowledge, life span contextualism, value relativism, recognition and management of uncertainty and uncontrollability, reflectivity, learning from experience, emotion regulation, empathy, openness, critical thinking, creative thinking, balancing your own, others’, and larger interests over the long-term as well as the short-term, seeking a common good.

  • STATE-DEPENDENT FORMATION OF INFLATION EXPECTATIONS

  • Bopjun Gwak
  • Journal:
    Macroeconomic Dynamics / Volume 26 / Issue 8 / December 2022
    Published online by Cambridge University Press:
    30 April 2021, pp. 1994-2028

  • The learning-from-experience model of Malmendier and Nagel [(2016) Quarterly Journal of Economics 131, 53–87] successfully reproduces the heterogeneity in inflation expectations across age groups. However, inflation expectations presumably depend on not only age and experience but also inflation regime. Therefore, this paper proposes an extended learning-from-experience model, in which expectation formation depends on inflation regime. Estimating the model with US data, I find that when inflation is higher and more volatile, households place more weight on recent data when making private forecasts. Moreover, in this regime, households rely more heavily on private forecasts than on public information.