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Author : Steven M. Sheffrin
Publisher : Cambridge University Press
Page : 204 pages
File Size : 49,6 Mb
Release : 1996-06-13
Category : Business & Economics
ISBN : 0521479398
This book develops the idea of rational expectations and surveys its use in economics today.
Author : Thomas J. Sargent
Publisher : Princeton University Press
Page : 392 pages
File Size : 45,8 Mb
Release : 2013-05-05
Category : Business & Economics
ISBN : 9781400847648
A fully expanded edition of the Nobel Prize–winning economist's classic book This collection of essays uses the lens of rational expectations theory to examine how governments anticipate and plan for inflation, and provides insight into the pioneering research for which Thomas Sargent was awarded the 2011 Nobel Prize in economics. Rational expectations theory is based on the simple premise that people will use all the information available to them in making economic decisions, yet applying the theory to macroeconomics and econometrics is technically demanding. Here, Sargent engages with practical problems in economics in a less formal, noneconometric way, demonstrating how rational expectations can satisfactorily interpret a range of historical and contemporary events. He focuses on periods of actual or threatened depreciation in the value of a nation's currency. Drawing on historical attempts to counter inflation, from the French Revolution and the aftermath of World War I to the economic policies of Margaret Thatcher and Ronald Reagan, Sargent finds that there is no purely monetary cure for inflation; rather, monetary and fiscal policies must be coordinated. This fully expanded edition of Rational Expectations and Inflation includes Sargent's 2011 Nobel lecture, "United States Then, Europe Now." It also features new articles on the macroeconomics of the French Revolution and government budget deficits.
Author : M. Hashem Pesaran
Publisher : Wiley-Blackwell
Page : 325 pages
File Size : 52,6 Mb
Release : 1989
Category : Business & Economics
ISBN : 0631168850
Author : William J. Bernstein
Publisher : Unknown
Page : 214 pages
File Size : 55,6 Mb
Release : 2014-05-28
Category : Asset allocation
ISBN : 0988780321
Rational Expectations is a clean sheet of paper in the wonky world of quantitatively based asset allocation aimed at small investors. Continuing the theme of the Investing for Adults series, this full-length finance title is not for beginners, but rather assumes a fair degree of quantitative ability and finance knowledge. If you think you can time the market or pick stocks and mutual fund managers, or even if you think that you can formulate an optimally efficient mean-variance asset allocation with a black box, then learn some basic finance and come back in a few years. On the other hand, if you know your way around risk premiums and standard deviations and know who Irving Fisher and Benjamin Graham were, and if you want to sharpen your asset class skills, you've come to the right place.
Author : Michael Carter,Rodney Maddock
Publisher : Springer
Page : 176 pages
File Size : 50,6 Mb
Release : 1984-11-15
Category : Business & Economics
ISBN : 9781349176441
Author : Frederic S. Mishkin
Publisher : University of Chicago Press
Page : 184 pages
File Size : 50,9 Mb
Release : 1986-01-01
Category : Business & Economics
ISBN : 0226531872
A Rational Expectations Approach to Macroeconometrics pursues a rational expectations approach to the estimation of a class of models widely discussed in the macroeconomics and finance literature: those which emphasize the effects from unanticipated, rather than anticipated, movements in variables. In this volume, Fredrick S. Mishkin first theoretically develops and discusses a unified econometric treatment of these models and then shows how to estimate them with an annotated computer program.
Author : Stanley Fischer
Publisher : University of Chicago Press
Page : 306 pages
File Size : 45,5 Mb
Release : 2008-04-15
Category : Business & Economics
ISBN : 9780226251332
"Several areas in economics today have unprecedented significance and vitality. Most people would agree that stabilization policy ranks with the highest of these. Continuing inflation and periodic serious acceleration of inflation combined with high and secularly rising unemployment combine to give the area high priority. This book brings us up to date on an extremely lively discussion involving the role of expectations, and more particularly rational expectations, in the conduct of stabilization policy. . . . Anyone interested in the role of government in economics should read this important book."—C. Glyn Williams, The Wall Street Review of Books "This is a most timely and valuable contribution. . . . The contributors and commentators are highly distinguished and the editor has usefully collated comments and the ensuing discussion. Unusually for a conference proceedings the book is well indexed and it is also replete with numerous and up-to-date references. . . . This is the first serious book to examine the rational expectations thesis in any depth, and it will prove invaluable to anyone involved with macroeconomic policy generally and with monetary economics in particular."—G. K. Shaw, The Economic Journal
Author : Roman Frydman,Edmund S. Phelps
Publisher : Cambridge University Press
Page : 254 pages
File Size : 43,5 Mb
Release : 1986-10-02
Category : Business & Economics
ISBN : 0521310954
The papers in this volume provide a complex view of market processes.
Author : Lars Peter Hansen,Thomas Sargent
Publisher : CRC Press
Page : 294 pages
File Size : 40,9 Mb
Release : 2019-09-05
Category : Mathematics
ISBN : 9781000308969
At the core of the rational expectations revolution is the insight that economic policy does not operate independently of economic agents' knowledge of that policy and their expectations of the effects of that policy. This means that there are very complicated feedback relationships existing between policy and the behaviour of economic agents, and these relationships pose very difficult problems in econometrics when one tries to exploit the rational expectations insight in formal economic modelling. This volume consists of work by two rational expectations pioneers dealing with the "nuts and bolts" problems of modelling the complications introduced by rational expectations. Each paper deals with aspects of the problem of making inferences about parameters of a dynamic economic model on the basis of time series observations. Each exploits restrictions on an econometric model imposed by the hypothesis that agents within the model have rational expectations.
Author : Robert E. Lucas,Thomas J. Sargent
Publisher : U of Minnesota Press
Page : 335 pages
File Size : 40,6 Mb
Release : 1988
Category : Electronic
ISBN : 9781452908281
Assumptions about how people form expectations for the future shape the properties of any dynamic economic model. To make economic decisions in an uncertain environment people must forecast such variables as future rates of inflation, tax rates, governme.
Author : Preston J. Miller
Publisher : MIT Press
Page : 534 pages
File Size : 54,6 Mb
Release : 1994
Category : Business & Economics
ISBN : 0262631555
These 21 readings describe the orgins and growth of the macroeconomic analysis known as "rational expectations". The readings trace the development of this approach from the late 1970s to the 1990s.
Author : R. Guesnerie
Publisher : Mit Press
Page : 455 pages
File Size : 44,7 Mb
Release : 2005
Category : Business & Economics
ISBN : 0262072580
A theoretical assessment of the Rational Expectations Hypothesis through subjecting a collection of economic models to an "eductive stability" test.
Author : Bruno S. Frey,David Iselin
Publisher : Springer
Page : 166 pages
File Size : 42,6 Mb
Release : 2017-03-08
Category : Business & Economics
ISBN : 9783319474588
Reporting on cutting-edge advances in economics, this book presents a selection of commentaries that reveal the weaknesses of several core economics concepts. Economics is a vigorous and progressive science, which does not lose its force when particular parts of its theory are empirically invalidated; instead, they contribute to the accumulation of knowledge. By discussing problematic theoretical assumptions and drawing on the latest empirical research, the authors question specific hypotheses and reject major economic ideas from the “Coase Theorem” to “Say’s Law” and “Bayesianism.” Many of these ideas remain prominent among politicians, economists and the general public. Yet, in the light of the financial crisis, they have lost both their relevance and supporting empirical evidence. This fascinating and thought-provoking collection of 71 short essays written by respected economists and social scientists from all over the world will appeal to anyone interested in scientific progress and the further development of economics.
Author : Deborah A. Redman
Publisher : Edward Elgar Publishing
Page : 216 pages
File Size : 41,6 Mb
Release : 1992
Category : Rational expectations (Economic theory)
ISBN : UCAL:B4373922
The major purpose of this work is to make staying up to date with rational expectations (RE) easier for economists in government, academia and industry, as well as for students.
Author : Marco P. Tucci
Publisher : Springer Science & Business Media
Page : 284 pages
File Size : 41,9 Mb
Release : 2005-01-19
Category : Business & Economics
ISBN : 0792374843
One of the major controversies in macroeconomics over the last 30 years has been that on the effectiveness of stabilization policies. However, this debate, between those who believe that this kind of policies is useless if not harmful and those who argue in favor of it, has been mainly theoretical so far. The Rational Expectation Hypothesis, Time-Varying Parameters and Adaptive Control wants to represent a step toward the construction of a common ground on which to empirically compare the two "beliefs" and to do this three strands of literature are brought together. The first strand is the research on time-varying parameters (TVP), the second strand is the work on adaptive control and the third one is the literature on linear stationary models with rational expectations (RE). The material presented in The Rational Expectation Hypothesis, Time-Varying Parameters and Adaptive Control is divided into two parts. Part 1 combines the strand of literature on adaptive control with that on TVP. It generalizes the approach pioneered by Tse and Bar-Shalom (1973) and Kendrick (1981) and one recently used in Amman and Kendrick (2002), where the law of motion of the TVP and the hyperstructural parameters are assumed known, to the case where the hyperstructural parameters are assumed unknown. Part 2 is devoted to the linear single-equation stationary RE model estimated with the error-in-variables (EV) method. It presents a new formulation of this problem based on the use of TVP in an EV model. This new formulation opens the door to a very promising development. All the theory developed in the first part to control a model with TVP can sic et simpliciter be applied to control a model with RE.