Download or read book The Natural rate Hypothesis the Rational expectations Hypothesis and the Remarkable Survival of Non market clearing Assumptions written by Herschel Ivan Grossman and published by . This book was released on 1982 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Non-market-clearing models continue to dominate analysis of macroeconomic fluctuations and discussions of macroeconomic policy. This situation is remarkable because non-market-clearing assumptions seem to be inconsistent with the essential presumption of neoclassical economic analysis that market outcomes exhaust opportunities for mutually advantageous exchange. Non-market-clearing models apparently have survived because they have evolved to incorporate both the natural-rate hypothesis and the rational-expectations hypothesis and because the alternative "equilibrium" approach has failed empirically. This paper expands on these ideas and briefly discusses some of the problems that we face in attempting to evaluate empirically the recent vintage of non-market-clearing models. The main difficulties seem to involve accounting for shifts in the natural levels of real aggregates and specifying the timing of the past anticipations that determine the effects of current monetary policy
Download or read book The Natural Rate Hypothesis the Rational Expectations Hypothesis and the Remarkable Survival of Non Market Clearing Assumptions written by Herschel I. Grossman and published by . This book was released on 1984 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Non-market-clearing models continue to dominate analysis of macroeconomic fluctuations and discussions of macroeconomic policy. This situation is remarkable because non-market-clearing assumptions seem to be inconsistent with the essential presumption of neoclassical economic analysis that market outcomes exhaust opportunities for mutually advantageous exchange. Non-market-clearing models apparently have survived because they have evolved to incorporate both the natural-rate hypothesis and the rational-expectations hypothesis and because the alternative "equilibrium" approach has failed empirically.This paper expands on these ideas and briefly discusses some of the problems that we face in attempting to evaluate empirically the recent vintage of non-market-clearing models. The main difficulties seem to involve accounting for shifts in the natural levels of real aggregates and specifying the timing of the past anticipations that determine the effects of current monetary policy
Download or read book Rational Expectations written by Graham Keith Shaw and published by . This book was released on 1984 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book A Reader s Guide to Rational Expectations written by Deborah A. Redman and published by Edward Elgar Publishing. This book was released on 1992 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Transforming Modern Macroeconomics written by Roger E. Backhouse and published by Cambridge University Press. This book was released on 2013 with total page 239 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the 1950s, macroeconomics has been transformed. This book is about one of the most important aspects of that transformation: the attempt, through the end of the twenty-first century and beyond, to construct macroeconomic models rigorously derived from models of individual firms and households.
Download or read book Testing the Natural Rate Hypothesis Under the Assumption of Rational Expectations written by Mann-Fen Susan Hwang and published by . This book was released on 1983 with total page 134 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Money written by John Eatwell and published by W. W. Norton & Company. This book was released on 1989 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume follows the course of the debate from the Bullionist Controversy of the Napoleonic period through the perennial arguments over the gold standard to the dispute between Keynesians, monetarist, and 'new classical macroeconomists, ' tracing the evolution of theory and doctrine over nearly 200 years.
Download or read book Managing the American Economy from Roosevelt to Reagan written by Nicolas Spulber and published by Indiana University Press. This book was released on 1989 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt: Describes and evaluates the views of theorists and practitioners directly involved with four major economic events in American history.
Download or read book Monetary Economics in the 1980 s written by Forrest Capie and published by Springer. This book was released on 2016-01-19 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume contains the first eight lectures delivered in honour of Henry Thornton the economist, at City University, London. Seven of the lectures are by monetary economists and one is by a Governer of the Bank of England. Exchange rates, macroeconomics, and interest rates are discussed.
Download or read book Money written by Rudolf Richter and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 407 pages. Available in PDF, EPUB and Kindle. Book excerpt: The central idea of this book is the concept of a currency order. Monetary theory is developed as a theory of currency orders. The book expands the neoclassical theory of currency orders. This new way of looking at the problems permits a general view of the subject matter of monetary theory and policy which so far does not exist. The concept of transaction costs is used throughout. The book deals not only with the theories of the demand for and the supply of money, the banking firm, and the purchasing power of money. It also presents a theoretically based discussion of the great topics of monetary policy of our time: fixed vs. flexible exchange rates, gold vs. paper, rules vs. authority for the central banks, governmental currency monopoly vs. competition of private currencies, regulation vs. deregulation of commercial banks. The book is suitable as a text for students with a knowledge of money and banking and intermediate microeconomics. It offers a consistent and well-written presentation of the subject matter, as well as an extensive list of further readings.
Download or read book Assessing Rational Expectations 2 written by Roger Guesnerie and published by MIT Press. This book was released on 2005-02-18 with total page 498 pages. Available in PDF, EPUB and Kindle. Book excerpt: A theoretical assessment of the Rational Expectations Hypothesis through subjecting a collection of economic models to an "eductive stability" test. The rational expectations hypothesis (REH) dominates economic modeling in areas ranging from monetary theory, macroeconomics, and general equilibrium to finance. In this book, Roger Guesnerie continues the critical analysis of the REH begun in his Assessing Rational Expectations: Sunspot Multiplicity and Economic Fluctuations, which dealt with the questions raised by multiplicity and its implications for a theory of endogenous fluctuations. This second volume emphasizes "eductive" learning: relying on careful reasoning, agents must deduce what other agents guess, a process that differs from the standard evolutionary learning experience in which agents make decisions about the future based on past experiences. A broad "eductive" stability test is proposed that includes common knowledge and results in a unique "rationalizable expectations equilibrium." This test provides the basis for Guesnerie's theoretical assessment of the plausibility of the REH's expectational coordination, emphasizing, for different categories of economic models, conditions for the REH's success or failure. Guesnerie begins by presenting the concepts and methods of the eductive stability analysis in selected partial equilibrium models. He then explores to what extent general equilibrium strategic complementarities interfere with partial equilibrium considerations in the formation of stable expectations. Guesnerie next examines two issues relating to eductive stability in financial market models, speculation and asymmetric price information. The dynamic settings of an infinite horizon model are then taken up, and particular standard and generalized saddle-path solutions are scrutinized. Guesnerie concludes with a review of general questions and some "cautious" remarks on the policy implications of his analysis.
Download or read book Dynamic Factor Demands Under Rational Expectations written by Robert S. Pindyck and published by . This book was released on 1982 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a dynamic model of the industrial demands for structures, equipment, and blue- and white-collar labor. Our approach is consistent with producers holding rational expectations and optimizing dynamically in the presence of adjustment costs, yet it permits generality of functional form regarding the technology. We represent the technology by atranslog input requirement function that specifies the amount of blue-collar labor (a flexible factor) the firm must hire to produce a level of output given its quantities of three quasi-fixed factors that are subject to adjustment costs: non-production (white-collar) workers, equipment, and structures.A complete description of the production structure is obtained by simultaneously estimating the input requirement function and three stochastic Euler equations.We apply an instrumental variable technique to estimate these equations using aggregate data for U.S. manufacturing. We find that as a fraction of total expenditures, adjustment costs are small in total hut large on the margin,and that they differ considerably across quasi-fixed factors. We also present short- and long-run elasticities of factor demands.
Download or read book Keynes and the Modern World written by George David Norman Worswick and published by CUP Archive. This book was released on 1983-12-22 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume presents the proceedings of the major conference held to celebrate the centenary of the birth of John Maynard Keynes at King's College, Cambridge. It brings together major international figures in economics and looks at Keynesian economics and the relevance of Keyne's ideas today. In addition to the main speakers and discussants, summaries of the discussions on each paper and memoirs of Maynard Keynes from Sir Austin Robinson, Richard Braithwaite and James Meade are also included.
Download or read book Macroeconomics After a Decade of Rational Expectations written by Bennett T. McCallum and published by . This book was released on 1982 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: The main section of this paper discusses competing theories of aggregate supply that are currently being utilized in macroeconomic models with rational expectations. The distinction between flexible-price equilibrium models and models with nominal contracts is emphasized and three models of the latter type are described and contrasted, it is argued that rejection of flexible-price equilibrium theories, as the evidence seems to warrant,does not require abandonment of the equilibrium approach. Also included are remarks on the present status of the rational expectations version of the natural-rate hypothesis. The second section of the paper briefly discusses a few issues concerning the equilibrium approach and aggregate demand, with attention devoted to the overlapping-generations framework. The third section considers a recent attempt, involving the use of "vector autoregression"models, to denigrate the importance of the Lucas critique of traditional policy-evaluation procedures.
Download or read book The Natural Rate Hypothesis and Rational Expectations a Critique of Some Recent Developments written by Patrick Minford and published by . This book was released on 1978 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Variability in Employment Prices and Money written by Karl Brunner and published by . This book was released on 1983 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book NBER Reporter written by National Bureau of Economic Research and published by . This book was released on 1984 with total page 206 pages. Available in PDF, EPUB and Kindle. Book excerpt:
