Download or read book The limits of rational expectations written by and published by . This book was released on 1989 with total page 325 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Limits to Rational Expectations written by M. Hashem Pesaran and published by . This book was released on 1987 with total page 325 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Rational Expectations written by Steven M. Sheffrin and published by Cambridge University Press. This book was released on 1996-06-13 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book develops the idea of rational expectations and surveys its use in economics today.
Download or read book Rational Expectations and Inflation written by Thomas J. Sargent and published by Princeton University Press. This book was released on 2013-05-05 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Consumer Expectations written by Richard Thomas Curtin and published by Cambridge University Press. This book was released on 2019-02-07 with total page 365 pages. Available in PDF, EPUB and Kindle. Book excerpt: Proposes a new comprehensive theory about how expectations are formed and how they shape the macro economy.
Download or read book Reduced Forms of Rational Expectations Models written by L. Broze and published by Routledge. This book was released on 2013-06-17 with total page 134 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive exposition of rational expectations models is provided here, working up from simple univariate models to more sophisticated multivariate and non-linear models.
Download or read book The Rational Expectation Hypothesis Time Varying Parameters and Adaptive Control written by Marco P. Tucci and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Rational Expectations Econometrics written by Lars Peter Hansen and published by CRC Press. This book was released on 2019-09-05 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book The Behavior of Financial Markets under Rational Expectations written by Yan Han and published by Bridge 21 Publications. This book was released on 2022-10-14 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial markets have become more and more important in modern society. The behavior of the financial markets, and its impacts on our society, relies crucially on the behavior of market participants, aka the investors of different types. Although descriptions of the financial markets on the macro level have caught great attentions of investors, regulators, and the ordinary people, how the market participants interact with each other in the financial market may provide deeper insights on how and why the financial markets behave. This book tries to supply as much research on the micro level of financial market behavior as possible to the readers. The author has been doing financial research, especially on the micro level, during the past two decades. The academic research on this broad area has undergone a rapid growth, with new results, methods, theories, and even paradigms, emerging and burgeoning almost every year. As a financial researcher in one of Chinas top universities, the author has kept monitoring, digesting, and synthesizing the research articles in the area. This book is the outcome of this decades-long routine research work of the author. The book covers the fundamental economic theories of how different investors receive and interpret information. The empirical results of investors behavior are also discussed in depth. The book also shows the basic academic techniques of modeling the investors behavior.
Download or read book Inflation Expectations written by Peter J. N. Sinclair and published by Routledge. This book was released on 2009-12-16 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.
Download or read book The Econometric Analysis of Non Uniqueness in Rational Expectations Models written by L. Broze and published by Elsevier. This book was released on 2014-06-28 with total page 249 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is devoted to the econometric analysis of linear multivariate rational expectation models. It shows that the interpretation of multiplicity in terms of "new degrees of freedom" is consistent with a rigorous econometric reasoning. Non-uniqueness is the central theme of this book. Each chapter is concerned with a specific econometric aspect of rational expectations equilibria. The most constructive result lies in the possibility of an empirical determination of the equilibrium followed by the economy.
Download or read book Learning and Expectations in Macroeconomics written by George W. Evans and published by Princeton University Press. This book was released on 2012-01-06 with total page 424 pages. Available in PDF, EPUB and Kindle. Book excerpt: A crucial challenge for economists is figuring out how people interpret the world and form expectations that will likely influence their economic activity. Inflation, asset prices, exchange rates, investment, and consumption are just some of the economic variables that are largely explained by expectations. Here George Evans and Seppo Honkapohja bring new explanatory power to a variety of expectation formation models by focusing on the learning factor. Whereas the rational expectations paradigm offers the prevailing method to determining expectations, it assumes very theoretical knowledge on the part of economic actors. Evans and Honkapohja contribute to a growing body of research positing that households and firms learn by making forecasts using observed data, updating their forecast rules over time in response to errors. This book is the first systematic development of the new statistical learning approach. Depending on the particular economic structure, the economy may converge to a standard rational-expectations or a "rational bubble" solution, or exhibit persistent learning dynamics. The learning approach also provides tools to assess the importance of new models with expectational indeterminacy, in which expectations are an independent cause of macroeconomic fluctuations. Moreover, learning dynamics provide a theory for the evolution of expectations and selection between alternative equilibria, with implications for business cycles, asset price volatility, and policy. This book provides an authoritative treatment of this emerging field, developing the analytical techniques in detail and using them to synthesize and extend existing research.
Download or read book The Limits of Transparency written by Jacqueline Best and published by Cornell University Press. This book was released on 2007 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: Jacqueline Best has developed a novel theoretical framework to more fully comprehend the role of ambiguity in international governance.
Download or read book On the Limit Points of an Infinitely Repeated Rational Expectations Equilibrium written by Marialaura Pesce and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Limits of Growth written by D. H. Meadows and published by . This book was released on 1974 with total page 205 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Macroeconomic Theory and Stabilization Policy written by Willem H. Buiter and published by University of Michigan Press. This book was released on 1989 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt: Brings together Buiter's major papers on macroeconomic theory and policy
Download or read book Studies in Inductive Probability and Rational Expectation written by Theo A.F. Kuipers and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt: 3 in philosophy, and therefore in metaphilosophy, cannot be based on rules that avoid spending time on pseudo-problems. Of course, this implies that, if one succeeds in demonstrating convincingly the pseudo-character of a problem by giving its 'solution', the time spent on it need not be seen as wasted. We conclude this section with a brief statement of the criteria for concept explication as they have been formulated in several places by Carnap, Hempel and Stegmiiller. Hempel's account ([13J, Chapter 1) is still very adequate for a detailed introduction. The process of explication starts with the identification of one or more vague and, perhaps, ambiguous concepts, the so-called explicanda. Next, one tries to disentangle the ambiguities. This, however, need not be possible at once. Ultimately the explicanda are to be replaced (not necessarily one by one) by certain counterparts, the so-called explicata, which have to conform to four requirements. They have to be as precise as possible and as simple as possible. In addition, they have to be useful in the sense that they give rise to the formulation of theories and the solution of problems. The three requirements of preciseness, simplicity and usefulness. have of course to be pursued in all concept formation.
