This paper supersedes earlier working papers that circulated in 2008 and 2011 under the titles “Sentiments” and “Decentralization, Communication and the Origins of Fluctuation.” For stimulating discussions and feedback, we are grateful to colleagues and to seminar participants at Bern, Chicago, Harvard, Michigan, MIT, Northwestern, NYU, PennState, Princeton, Ohio State, the Atlanta and New York FRBs, the ECB, and numerous conferences. We owe special thanks to Markus Brunnermeier, Tarek Hassan, John Hassler, Per Krusell, and Venky Venkateswaran for conference discussions of our paper, and to Rochelle Edge, Refet Gürkaynak, and Burçin Kisacikoğlu for sharing their data with us. Last but certainly not least, we are grateful to the editor, and to four anonymous referees, for constructive criticisms and detailed suggestions that greatly improved the paper.
Article first published online: 20 MAR 2013
© 2013 The Econometric Society
Volume 81, Issue 2, pages 739–779, March 2013
How to Cite
Angeletos, G.-M. and La'O, J. (2013), Sentiments. Econometrica, 81: 739–779. doi: 10.3982/ECTA10008
- Issue published online: 20 MAR 2013
- Article first published online: 20 MAR 2013
- Manuscript received May, 2011; final revision received November, 2012.
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