Search Results for "rational-expectations"

Rational Expectations

Rational Expectations

  • Author: Steven M. Sheffrin,Professor of Economics Director of the Murphy Institute Steven M Sheffrin
  • Publisher: Cambridge University Press
  • ISBN: 9780521479394
  • Category: Business & Economics
  • Page: 184
  • View: 9919
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This book develops the idea of rational expectations and surveys its use in economics today.

Rational Expectations in Macroeconomics

Rational Expectations in Macroeconomics

An Introduction to Theory and Evidence

  • Author: Clifford Attfield,David Demery,Nigel Duck
  • Publisher: Wiley-Blackwell
  • ISBN: 9780631179474
  • Category: Business & Economics
  • Page: 256
  • View: 8149
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Like the successful and widely-adopted first edition, this second edition is designed to explain the concept of rational expectations and its implications for macroeconomics.

Rational Expectations and Inflation

Rational Expectations and Inflation

Third Edition

  • Author: Thomas J. Sargent
  • Publisher: Princeton University Press
  • ISBN: 1400847648
  • Category: Business & Economics
  • Page: 392
  • View: 5026
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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.

Rational Expectations

Rational Expectations

An Elementary Exposition

  • Author: Graham Keith Shaw
  • Publisher: New York : St. Martin's Press
  • ISBN: 9780312664022
  • Category: Business & Economics
  • Page: 131
  • View: 2084
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This book is the first elementary introduction to the theory of rational explanations, the foundation of the so-called 'new classical macroeconomics'. Demanding only a limited background in quantitative technique, it systematically and comprehensively explores this challenging and controversial area of modern macroeconomics.

Rational Expectations in Macroeconomic Models

Rational Expectations in Macroeconomic Models

  • Author: P. Fisher
  • Publisher: Springer Science & Business Media
  • ISBN: 9401580022
  • Category: Business & Economics
  • Page: 211
  • View: 1949
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It is commonly believed that macroeconomic models are not useful for policy analysis because they do not take proper account of agents' expectations. Over the last decade, mainstream macroeconomic models in the UK and elsewhere have taken on board the `Rational Expectations Revolution' by explicitly incorporating expectations of the future. In principle, one can perform the same technical exercises on a forward expectations model as on a conventional model -- and more! Rational Expectations in Macroeconomic Models deals with the numerical methods necessary to carry out policy analysis and forecasting with these models. These methods are often passed on by word of mouth or confined to obscure journals. Rational Expectations in Macroeconomic Models brings them together with applications which are interesting in their own right. There is no comparable textbook in the literature. The specific subjects include: (i) solving for model consistent expectations; (ii) the choice of terminal condition and time horizon; (iii) experimental design: i.e., the effect of temporary vs permanent, anticipated vs. unanticipated shocks; deterministic vs. stochastic, dynamic vs. static simulation; (iv) the role of exchange rate; (v) optimal control and inflation-output tradeoffs. The models used are those of the Liverpool Research Group in Macroeconomics, the London Business School and the National Institute of Economic and Social Research.

Reduced Forms of Rational Expectations Models

Reduced Forms of Rational Expectations Models

  • Author: L. Broze,C. Gourieroux,A. Szafarz
  • Publisher: Routledge
  • ISBN: 1136457801
  • Category: Business & Economics
  • Page: 136
  • View: 7359
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A comprehensive exposition of rational expectations models is provided here, working up from simple univariate models to more sophisticated multivariate and non-linear models.

Assessing Rational Expectations 2

Assessing Rational Expectations 2

"eductive" Stability in Economics

  • Author: Guesnerie
  • Publisher: MIT Press
  • ISBN: 9780262262903
  • Category:
  • Page: N.A
  • View: 5397
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A Rational Expectations Approach to Macroeconometrics

A Rational Expectations Approach to Macroeconometrics

Testing Policy Ineffectiveness and Efficient-Markets Models

  • Author: Frederic S. Mishkin
  • Publisher: University of Chicago Press
  • ISBN: 9780226531922
  • Category: Business & Economics
  • Page: 179
  • View: 2792
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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.

The Rational Expectations Revolution

The Rational Expectations Revolution

Readings from the Front Line

  • Author: Preston J. Miller
  • Publisher: MIT Press
  • ISBN: 9780262631556
  • Category: Business & Economics
  • Page: 512
  • View: 5139
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These twenty-one collected readings describe the origins and growth of the revolutionary approach to macroeconomic analysis known as rational expectations. The readings trace the development of this approach from the late 1970s, when it was viewed by many as radical, to the present, when it has attained a central position in macroeconomic theory and policymaking. In the 1970s the rational expectations school challenged the traditional Keynesian view of the world. Economic models built on the ideas of John Maynard Keynes treat the economy more or less as a system of controllable inanimate objects blindly following rules. Models built on the new ideas attempt to acknowledge the ability of humans to change behavior when they expect economic policies to change. The repercussions of this dramatic shift in thought are still being felt among practicing macroeconomic theorists and policymakers. Much of the research on the rational expectations approach has been done by scholars affiliated with the Federal Reserve Bank of Minneapolis. The readings in this book were all originally published by the Fed, primarily as articles written to be understood by college-level economics students and noneconomist policymakers. Some of the articles are modern classics that are otherwise out of print. Scholars represented here include such prominent economists as Robert E. Lucas, Jr., Edward C. Prescott, Thomas J. Sargent, Michael R. Darby, Finn E. Kydland, Lawrence H. Summers, and Neil Wallace. The book also includes introductory essays by Preston J. Miller, an economist and Vice President at the Federal Reserve Bank of Minneapolis. Miller explains the context in which the articles were originally published and guides readers through the basic disputes between the old and new macroeconomic approaches.

Integrated Macro-Micro-Modelling Under Rational Expectations

Integrated Macro-Micro-Modelling Under Rational Expectations

With an Application to Tariff Reform in Australia

  • Author: Michael Malakellis
  • Publisher: Springer Science & Business Media
  • ISBN: 3642576605
  • Category: Business & Economics
  • Page: 280
  • View: 1241
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This monograph is concerned with the formulation and implementation of ORANI-INT, an intertemporal Computable General Equilibrium (CGE) model of the Australian economy. The aim is to bring together, in a balanced approach, theory and data for the purpose of developing a practical state-of-the-art tool for policy analysis. The modelling approach adopted is motivated by the recent trend in economy-wide modelling to combine the respective strengths of traditional CGE models and modern macroeconomic models. Traditional CGE models typically provide a dissagregate representation of the economy at a single point in time. Such models are useful for analysing issues involving the allocation of resources among the various agents identified at a particular point in time. Modern macroeconomic models, on the other hand, usually provide an aggregate representation of the economy over many points in time. Such models are useful for analysing issues involving the allocation of resources across time. A model that combines the strengths of static CGE models and modern macro-dynamic models is amenable to addressing a wide range of policy issues. To demonstrate this point ORANI-INT is used to analyse tariff reform.