Rational Expectations Econometrics

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Rational Expectations And Econometric Practice

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Author : Robert E. Lucas
language : en
Publisher: U of Minnesota Press
Release Date : 1988

Rational Expectations And Econometric Practice written by Robert E. Lucas and has been published by U of Minnesota Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with categories.

Assumptions about how people form expectations for the future shape the properties of any dynamic economic model. To make economic decisions in an uncertain environment people must forecast such variables as future rates of inflation, tax rates, governme.

Rational Expectations And Inflation

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Author : Thomas J. Sargent
language : en
Publisher: Princeton University Press
Release Date : 2013-05-05

Rational Expectations And Inflation written by Thomas J. Sargent and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-05-05 with Business & Economics categories.

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 And Economic Policy

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Author : Stanley Fischer
language : en
Publisher: University of Chicago Press
Release Date : 2008-04-15

Rational Expectations And Economic Policy written by Stanley Fischer and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-04-15 with Business & Economics categories.

"Several areas in economics today have unprecedented significance and vitality. Most people would agree that stabilization policy ranks with the highest of these. Continuing inflation and periodic serious acceleration of inflation combined with high and secularly rising unemployment combine to give the area high priority. This book brings us up to date on an extremely lively discussion involving the role of expectations, and more particularly rational expectations, in the conduct of stabilization policy. . . . Anyone interested in the role of government in economics should read this important book."—C. Glyn Williams, The Wall Street Review of Books "This is a most timely and valuable contribution. . . . The contributors and commentators are highly distinguished and the editor has usefully collated comments and the ensuing discussion. Unusually for a conference proceedings the book is well indexed and it is also replete with numerous and up-to-date references. . . . This is the first serious book to examine the rational expectations thesis in any depth, and it will prove invaluable to anyone involved with macroeconomic policy generally and with monetary economics in particular."—G. K. Shaw, The Economic Journal

Rational Expectations Econometrics

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Author : Lars Peter Hansen
language : en
Publisher:
Release Date : 1991-01-01

Rational Expectations Econometrics written by Lars Peter Hansen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991-01-01 with Business & Economics categories.

This volume consists of work by two rational expectations pioneers dealing with the problems of modelling the econometric complications introduced by rational expectations.

Predictably Rational

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Author : Richard B. McKenzie
language : en
Publisher: Springer Science & Business Media
Release Date : 2009-10-21

Predictably Rational written by Richard B. McKenzie and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-10-21 with Business & Economics categories.

Mainstream economists everywhere exhibit an "irrational passion for dispassionate rationality." Behavioral economists, and long-time critic of mainstream economics suggests that people in mainstrean economic models "can think like Albert Einstein, store as much memory as IBM’s Big Blue, and exercise the will power of Mahatma Gandhi," suggesting that such a view of real world modern homo sapiens is simply wrongheaded. Indeed, Thaler and other behavioral economists and psychology have documented a variety of ways in which real-world people fall far short of mainstream economists' idealized economic actor, perfectly rational homo economicus. Behavioral economist Daniel Ariely has concluded that real-world people not only exhibit an array of decision-making frailties and biases, they are "predictably irrational," a position now shared by so many behavioral economists, psychologists, sociologists, and evolutionary biologists that a defense of the core rationality premise of modedrn economics is demanded.

Robustness

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Author : Lars Peter Hansen
language : en
Publisher: Princeton University Press
Release Date : 2011-11-28

Robustness written by Lars Peter Hansen and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-11-28 with Business & Economics categories.

The standard theory of decision making under uncertainty advises the decision maker to form a statistical model linking outcomes to decisions and then to choose the optimal distribution of outcomes. This assumes that the decision maker trusts the model completely. But what should a decision maker do if the model cannot be trusted? Lars Hansen and Thomas Sargent, two leading macroeconomists, push the field forward as they set about answering this question. They adapt robust control techniques and apply them to economics. By using this theory to let decision makers acknowledge misspecification in economic modeling, the authors develop applications to a variety of problems in dynamic macroeconomics. Technical, rigorous, and self-contained, this book will be useful for macroeconomists who seek to improve the robustness of decision-making processes.

Econometrics

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Author : John Eatwell
language : en
Publisher: Palgrave Macmillan
Release Date : 1990-02-23

Econometrics written by John Eatwell and has been published by Palgrave Macmillan this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990-02-23 with Business & Economics categories.

This is an excerpt from the 4-volume dictionary of economics, a reference book which aims to define the subject of economics today. 1300 subject entries in the complete work cover the broad themes of economic theory. This extract concentrates on econometrics.

Expectations Learning And Monetary Policy

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Author : George W. Evans
language : en
Publisher:
Release Date : 2008

Expectations Learning And Monetary Policy written by George W. Evans and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Interest rates categories.

Dsge Models In Macroeconomics

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Author : Nathan Balke
language : en
Publisher: Emerald Group Publishing
Release Date : 2012-11-29

Dsge Models In Macroeconomics written by Nathan Balke and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-11-29 with Business & Economics categories.

This volume of Advances in Econometrics contains articles that examine key topics in the modeling and estimation of dynamic stochastic general equilibrium (DSGE) models. Because DSGE models combine micro- and macroeconomic theory with formal econometric modeling and inference, over the past decade they have become an established framework for analy

A History Of Macroeconomics From Keynes To Lucas And Beyond

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Author : Michel De Vroey
language : en
Publisher: Cambridge University Press
Release Date : 2016-01-08

A History Of Macroeconomics From Keynes To Lucas And Beyond written by Michel De Vroey and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-01-08 with Business & Economics categories.

This book retraces the history of macroeconomics from Keynes's General Theory to the present. Central to it is the contrast between a Keynesian era and a Lucasian - or dynamic stochastic general equilibrium (DSGE) - era, each ruled by distinct methodological standards. In the Keynesian era, the book studies the following theories: Keynesian macroeconomics, monetarism, disequilibrium macro (Patinkin, Leijongufvud, and Clower) non-Walrasian equilibrium models, and first-generation new Keynesian models. Three stages are identified in the DSGE era: new classical macro (Lucas), RBC modelling, and second-generation new Keynesian modeling. The book also examines a few selected works aimed at presenting alternatives to Lucasian macro. While not eschewing analytical content, Michel De Vroey focuses on substantive assessments, and the models studied are presented in a pedagogical and vivid yet critical way.