UID:
almahu_9947413733702882
Format:
1 online resource (xii, 199 pages) :
,
digital, PDF file(s).
ISBN:
9781139052122 (ebook)
Series Statement:
Econometric Society monographs ; 5
Content:
This book addresses one of the major theoretical issues that underlies, implicitly or explicitly, some recurrent controversies in macroeconomics - namely, whether a competitive monetary economy has built-in mechanisms that are strong enough to remove excess demands and supplies on all markets, through an automatic adjustment of the price system. Jean-Michel Grandmont sheds light on this complex subject by using the analytical techniques of general equilibrium theory alongside the methods of monetary analysis. The book warns against the indiscriminate use of the rational expectations hypothesis when approaching this topic, and conversely stresses the common-sense observation that short-run learning processes are among the most important characteristics of economic agents. Grandmont argues that such processes are deserving of careful theoretical study, and the result is a clear and rigorous analysis of all the issues involved.
Note:
Title from publisher's bibliographic system (viewed on 05 Oct 2015).
Additional Edition:
Print version: ISBN 9780521251419
Language:
English
URL:
https://doi.org/10.1017/CCOL0521251419
