NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Natural Expectations, Macroeconomic Dynamics, and Asset Pricing

Andreas Fuster, Benjamin Hebert, David Laibson

Chapter in NBER book NBER Macroeconomics Annual 2011, Volume 26 (2012), Daron Acemoglu and Michael Woodford, editors (p. 1 - 48)
Conference held April 8-9, 2011
Published in August 2012 by University of Chicago Press
© 2012 by the National Bureau of Economic Research
in NBER Book Series NBER Macroeconomics Annual

---- Acknowledgements -----

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).

---- Disclosure of Financial Relationships for David Laibson -----

I have received honoraria for speaking about my academic research at the following private and government organizations:

2011: ANZ, Blackrock, Express Scripts*** (member Scientific Advisory Board), Morningstar

2010: Blackrock, Express Scripts** (member Scientific Advisory Board), Financial Advisers to U.S. Armed Forces Service Members, Financial Planning Association, Merrill Lynch, MetLife, North American Securities Administrators Association (investor protection association comprised of state securities regulators), Pioneer*

2009: AARP, Barclays Global Investors, Express Scripts (member Scientific Advisory Board), Fidelity, Mackenzie, MassMutual, Pioneer*

2008: American Institute of Certified Public Accountants, Alliance Bernstein, Barclays Global Investors, Express Scripts (Scientific Advisory Board), Financial Advisers to U.S. Armed Forces Service Members, MetLife, Pioneer*

2007: AARP, Barclays Global Investors, BP, Citigroup, European Commission, Fidelity, Pioneer*

*Keybridge Research arranged my talks at Pioneer.

**All payments donated to charitable organizations.

***All payments donated directly by Express Scripts to charitable organizations.

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