Rational Expectations

ISBN-13: 9780521479394 / Angielski / Miękka / 1996 / 200 str.

Steven M. Sheffrin; John Pencavel

Opis

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. In this revised and expanded second edition, 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.

Spis treści

Preface; Preface to the first edition; 1. The concept of rational expectations; 2. Inflation and unemployment; 3. Further topics in macroeconomics; 4. Efficient markets and rational expectations; 5. Empirical microeconomic models; 6. Rational expectations in practice; References; Index.