A Rational Expectations Approach To Macroeconometrics
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Author |
: Frederic S. Mishkin |
Publisher |
: University of Chicago Press |
Total Pages |
: 184 |
Release |
: 2007-11-01 |
ISBN-10 |
: 9780226531922 |
ISBN-13 |
: 0226531929 |
Rating |
: 4/5 (22 Downloads) |
Synopsis A Rational Expectations Approach to Macroeconometrics by : Frederic S. Mishkin
A Rational Expectations Approach to Macroeconometrics pursues a rational expectations approach to the estimation of a class of models widely discussed in the macroeconomics and finance literature: those which emphasize the effects from unanticipated, rather than anticipated, movements in variables. In this volume, Fredrick S. Mishkin first theoretically develops and discusses a unified econometric treatment of these models and then shows how to estimate them with an annotated computer program.
Author |
: Frederic S. MISHKIN |
Publisher |
: |
Total Pages |
: 172 |
Release |
: 1983 |
ISBN-10 |
: OCLC:1192641480 |
ISBN-13 |
: |
Rating |
: 4/5 (80 Downloads) |
Synopsis A RATIONAL EXPECTATIONS APPROACH TO MACROECONOMETRICS: TESTING POLICY INEFFECTIVENESS AND EFFICIENT MARKETS MODEL by : Frederic S. MISHKIN
Author |
: George W. Evans |
Publisher |
: Princeton University Press |
Total Pages |
: 440 |
Release |
: 2012-01-06 |
ISBN-10 |
: 9781400824267 |
ISBN-13 |
: 1400824265 |
Rating |
: 4/5 (67 Downloads) |
Synopsis Learning and Expectations in Macroeconomics by : George W. Evans
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.
Author |
: P. Fisher |
Publisher |
: Springer Science & Business Media |
Total Pages |
: 215 |
Release |
: 2013-04-17 |
ISBN-10 |
: 9789401580021 |
ISBN-13 |
: 9401580022 |
Rating |
: 4/5 (21 Downloads) |
Synopsis Rational Expectations in Macroeconomic Models by : P. Fisher
It is commonly believed that macroeconomic models are not useful for policy analysis because they do not take proper account of agents' expectations. Over the last decade, mainstream macroeconomic models in the UK and elsewhere have taken on board the `Rational Expectations Revolution' by explicitly incorporating expectations of the future. In principle, one can perform the same technical exercises on a forward expectations model as on a conventional model -- and more! Rational Expectations in Macroeconomic Models deals with the numerical methods necessary to carry out policy analysis and forecasting with these models. These methods are often passed on by word of mouth or confined to obscure journals. Rational Expectations in Macroeconomic Models brings them together with applications which are interesting in their own right. There is no comparable textbook in the literature. The specific subjects include: (i) solving for model consistent expectations; (ii) the choice of terminal condition and time horizon; (iii) experimental design: i.e., the effect of temporary vs permanent, anticipated vs. unanticipated shocks; deterministic vs. stochastic, dynamic vs. static simulation; (iv) the role of exchange rate; (v) optimal control and inflation-output tradeoffs. The models used are those of the Liverpool Research Group in Macroeconomics, the London Business School and the National Institute of Economic and Social Research.
Author |
: P. F. Labinski |
Publisher |
: |
Total Pages |
: 334 |
Release |
: 1992 |
ISBN-10 |
: 0536582955 |
ISBN-13 |
: 9780536582959 |
Rating |
: 4/5 (55 Downloads) |
Synopsis A Rational Expectations Approach to Macroeconomics by : P. F. Labinski
Author |
: Roman Frydman |
Publisher |
: Princeton University Press |
Total Pages |
: 440 |
Release |
: 2013 |
ISBN-10 |
: 9780691155234 |
ISBN-13 |
: 0691155232 |
Rating |
: 4/5 (34 Downloads) |
Synopsis Rethinking Expectations by : Roman Frydman
This book originated from a 2010 conference marking the fortieth anniversary of the publication of the landmark "Phelps volume," Microeconomic Foundations of Employment and Inflation Theory, a book that is often credited with pioneering the currently dominant approach to macroeconomic analysis. However, in their provocative introductory essay, Roman Frydman and Edmund Phelps argue that the vast majority of macroeconomic and finance models developed over the last four decades derailed, rather than built on, the Phelps volume's "microfoundations" approach. Whereas the contributors to the 1970 volume recognized the fundamental importance of according market participants' expectations an autonomous role, contemporary models rely on the rational expectations hypothesis (REH), which rules out such a role by design. The financial crisis that began in 2007, preceded by a spectacular boom and bust in asset prices that REH models implied could never happen, has spurred a quest for fresh approaches to macroeconomic analysis. While the alternatives to REH presented in Rethinking Expectations differ from the approach taken in the original Phelps volume, they are notable for returning to its major theme: understanding aggregate outcomes requires according expectations an autonomous role. In the introductory essay, Frydman and Phelps interpret the various efforts to reconstruct the field--some of which promise to chart its direction for decades to come. The contributors include Philippe Aghion, Sheila Dow, George W. Evans, Roger E. A. Farmer, Roman Frydman, Michael D. Goldberg, Roger Guesnerie, Seppo Honkapohja, Katarina Juselius, Enisse Kharroubi, Blake LeBaron, Edmund S. Phelps, John B. Taylor, Michael Woodford, and Gylfi Zoega.
Author |
: William Darity |
Publisher |
: Routledge |
Total Pages |
: 315 |
Release |
: 2004-03-04 |
ISBN-10 |
: 9781134886234 |
ISBN-13 |
: 1134886233 |
Rating |
: 4/5 (34 Downloads) |
Synopsis Economics, Economists and Expectations by : William Darity
The concept of rational expectations has played a hugely important role in economics over the years. Dealing with the origins and development of modern approaches to expectations in micro and macroeconomics, this book makes use of primary sources and previously unpublished material from such figures as Hicks, Hawtrey and Hart. The accounts of the '
Author |
: David K. H. Begg |
Publisher |
: |
Total Pages |
: 312 |
Release |
: 1982 |
ISBN-10 |
: UCAL:B4373884 |
ISBN-13 |
: |
Rating |
: 4/5 (84 Downloads) |
Synopsis The Rational Expectations Revolution in Macroeconomics by : David K. H. Begg
Author |
: L. Broze |
Publisher |
: Routledge |
Total Pages |
: 134 |
Release |
: 2013-06-17 |
ISBN-10 |
: 9781136457739 |
ISBN-13 |
: 1136457739 |
Rating |
: 4/5 (39 Downloads) |
Synopsis Reduced Forms of Rational Expectations Models by : L. Broze
A comprehensive exposition of rational expectations models is provided here, working up from simple univariate models to more sophisticated multivariate and non-linear models.
Author |
: Patrick Minford |
Publisher |
: Wiley-Blackwell |
Total Pages |
: 243 |
Release |
: 1992 |
ISBN-10 |
: 0631177884 |
ISBN-13 |
: 9780631177883 |
Rating |
: 4/5 (84 Downloads) |
Synopsis Rational Expectations Macroeconomics by : Patrick Minford
Rational Expectations Macroeconomics is the second edition of Rational Expectations and the New Macroeconomics by Patrick Minford and David Peel. Under the sole authorship of Profesor Minford, this new dition represents a practical introduction to the principles and applications of rational expectations (RE) methods in macroeconomics for third year undergraduates and postgraduates. The author sets out to provide a basic working knowledge of the Rational Expectations Hypothesis (REH) by demonstrating in full various methods for solving RE models. The book then deals with policies and issues frequently encountered when applying these models including: stabilization policy, fiscal policy, the political economy of democracy and the Phillips curve. Finally, the author turns to methods of testing the REH. By the end of the book, students should be in a position to apply RE models to whatever economy they are concerned with. Professor Minford has updated the text extensively and included new chapters on representatitve agent models (increasingly used in a applied forecasting and policy analysis) and modelling the open economy. In the decade since the first edition of this classic text was written, the economics profession′s respect for the REH has only increased. The author′s introductory and concluding chapters place the REH research programme in its historical context, assess the current state of the debate and look ahead to future research in this important subject.