UID:
almafu_9960119191902883
Format:
1 online resource (xii, 184 pages) :
,
digital, PDF file(s).
Edition:
Second edition.
ISBN:
1-139-17436-3
Series Statement:
Cambridge surveys of economic literature
Content:
Economists have developed models in which individuals form expectations of key variables in a 'rational' manner such that these expectations are consistent with actual economic environments. Professor Sheffrin first explores the logical foundation of the concept and the case for employing it in economic analysis. Subsequent chapters investigate its use in macroeconomics, financial markets, and microeconomics. A final chapter assesses its impact on theoretical and empirical work in economics and policy arenas. The author argues that while rational expectations are still central to macroeconomic policy debates, fully workable models have not yet been devised, and offers reasons for the lack of practical and conceptual progress. All chapters of the second edition have been revised or expanded. New sections inter alia include material on learning, the rationality of reported expectations, alternative recent developments explicitly or implicitly using rational expectations, new tests of the Lucas critique, and models of noise trading. The book is written in a non-technical fashion for beginning graduate students and non-specialists.
Note:
Title from publisher's bibliographic system (viewed on 05 Oct 2015).
,
Cover -- Frontmatter -- Contents -- Preface -- Preface to the first edition -- The concept of rational expectations -- Conditional expectations and Muthian rationality -- A priori critiques of Muthian rationality -- Survey data and rational expectations -- Plan of the survey -- Inflation and unemployment -- Lucas's account of the business cycle -- How robust is the policy-ineffectiveness proposition? -- The question of persistence -- What is the evidence? -- The gestalt behind the models -- Recent directions -- Further topics in macroeconomics -- Macro models with rational financial markets -- Rules, authorities, and the consistency of optimal policy -- Econometric policy evaluation -- Efficient markets and rational expectations -- The microeconomics of rational expectations -- Efficient markets: Theory and early tests -- Against the paradigm -- Alternative models of market equilibrium -- Empirical microeconomic models -- Models without storage -- Models with storage -- Housing investment and price appreciation -- Micro decision making -- Rational expectations in practice -- References -- Index.
,
English
Additional Edition:
ISBN 0-521-47939-8
Additional Edition:
ISBN 0-521-47400-0
Language:
English
URL:
Volltext
(lizenzpflichtig)
URL:
https://doi.org/10.1017/CBO9781139174367
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