Rational expectations in macroeconomics: an introd. to theory and evidence
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Oxford u.a.
Blackwell
1991
|
| Ausgabe: | 2. ed. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | X, 243 S. graph. Darst. |
| ISBN: | 0631173447 063117947X |
Internformat
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| 245 | 1 | 0 | |a Rational expectations in macroeconomics |b an introd. to theory and evidence |c C. L. F. Attfield, D. Demery and N. W. Duck |
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Datensatz im Suchindex
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| adam_text | Titel: Rational expectations in macroeconomics
Autor: Attfield, Clifford L. F
Jahr: 1991
Contents
List of Tables and Figures viii
Preface ix
1 Expectations in Macroeconomics 1
1.1 The Importance of Expectations in
Macroeconomics 1
1.2 The Need for a Theory of Expectations 5
1.3 The Adaptive Expectations Hypothesis 6
Suggestions for Further Reading 13
2 The Theory of Rational Expectations 14
2.1 Variables as the Outcome of Processes 14
2.2 Processes and Rational Forecasts 18
2.3 The General Characteristics of Rational
Expectations 21
2.4 General Criticisms of the Theory of Rational
Expectations 25
2.5 Summary 36
Suggestions for Further Reading 37
3 Testing the Rational Expectations Hypothesis 38
3.1 Direct Tests of Rationality 38
3.2 Measuring a Rational Expectation of a Variable
by its Actual Value 43
3.3 Testing the Restrictions Implied by Rational
Expectations 46
3.4 Observational Equivalence, Exclusion
Restrictions and Regime Breaks 52
vi Contents
3.5 Example 1: Spot and Forward Exchange Rates 56
3.6 Example 2: The Term Structure of Interest
Rates 65
3.7 Summary 70
Suggestions for Further Reading 71
4 Rational Expectations and a Flexible-price
Macroeconomic Model 72
4.1 The Aggregate Demand Curve 73
4.2 The Flexible-price - Natural Rate Aggregate
Supply Curve 77
4.3 Aggregate Demand and Equilibrium Output 81
4.4 Random and Systematic Movements in
Aggregate Demand 83
4.5 The Volatility of Aggregate Demand 86
4.6 A Formal Statement of the Rational
Expectations Model 88
4.7 Policy Implications 96
4.8 Summary 108
Suggestions for Further Reading 108
5 Criticisms of the Flexible-price Rational Expectations
Model 110
5.1 Criticisms which Maintain Price Flexibility 110
5.2 The Implications of Assuming Price Stickiness 122
5.3 Micro-foundations for Sticky Prices 138
5.4 Summary 142
Suggestions for Further Reading 142
6 Rational Expectations and Macroeconomics: Two
Influential Empirical Studies 143
6.1 The Lucas Test 143
6.2 The Barro Test 148
6.3 The Leiderman Test 159
6.4 The Lucas and Barro Approaches Combined 161
6.5 Summary 165
Suggestions for Further Reading 165
Contents V11
7 Criticism and Reappraisal of the Lucas and Barro
Models 166
7.1 The Effect of Measurement Error and Model
Misspecification 166
7.2 Extensions to the Lucas Model 172
7.3 Extensions to the Barro Model 175
7.4 Summary 181
8 Real Business Cycle Theory 183
8.1 The Nature of Economic Fluctuations 184
8.2 Real Business Cycle Theory 195
8.3 Summary 201
Suggestions for Further Reading 201
Appendix 202
9 Rational Expectations and the Permanent-income
Hypothesis 203
9.1 The Permanent-income Hypothesis 203
9.2 PIH and Rational Expectations: Hall s Model 206
9.3 Tests of Hall s Model 208
9.4. Savings and REPI: Campbell s Model 212
9.5 Summary and Recent Developments 218
Suggestions for Further Reading 219
10 Summary and Conclusions 220
10.1 The Rational Expectations Hypothesis 220
10.2 Policy Implications 222
10.3 Tests of the Rational Expectations Hypothesis 224
10.4 Conclusions 225
References 226
Author Index 237
Subject Index 240
|
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| discipline | Wirtschaftswissenschaften |
| edition | 2. ed. |
| format | Book |
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| illustrated | Illustrated |
| indexdate | 2024-07-09T16:15:09Z |
| institution | BVB |
| isbn | 0631173447 063117947X |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-002841367 |
| oclc_num | 631570087 |
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| publishDate | 1991 |
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| publisher | Blackwell |
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| spelling | Attfield, Clifford L. Verfasser aut Rational expectations in macroeconomics an introd. to theory and evidence C. L. F. Attfield, D. Demery and N. W. Duck 2. ed. Oxford u.a. Blackwell 1991 X, 243 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Makroökonomie (DE-588)4037174-8 gnd rswk-swf Erwartung (DE-588)4015434-8 gnd rswk-swf Theorie (DE-588)4059787-8 gnd rswk-swf Rationale Erwartung (DE-588)4121553-9 gnd rswk-swf Rationale Erwartung (DE-588)4121553-9 s Makroökonomie (DE-588)4037174-8 s Theorie (DE-588)4059787-8 s DE-604 Erwartung (DE-588)4015434-8 s Demery, David Verfasser aut Duck, Nigel W. Verfasser aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=002841367&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Attfield, Clifford L. Demery, David Duck, Nigel W. Rational expectations in macroeconomics an introd. to theory and evidence Makroökonomie (DE-588)4037174-8 gnd Erwartung (DE-588)4015434-8 gnd Theorie (DE-588)4059787-8 gnd Rationale Erwartung (DE-588)4121553-9 gnd |
| subject_GND | (DE-588)4037174-8 (DE-588)4015434-8 (DE-588)4059787-8 (DE-588)4121553-9 |
| title | Rational expectations in macroeconomics an introd. to theory and evidence |
| title_auth | Rational expectations in macroeconomics an introd. to theory and evidence |
| title_exact_search | Rational expectations in macroeconomics an introd. to theory and evidence |
| title_full | Rational expectations in macroeconomics an introd. to theory and evidence C. L. F. Attfield, D. Demery and N. W. Duck |
| title_fullStr | Rational expectations in macroeconomics an introd. to theory and evidence C. L. F. Attfield, D. Demery and N. W. Duck |
| title_full_unstemmed | Rational expectations in macroeconomics an introd. to theory and evidence C. L. F. Attfield, D. Demery and N. W. Duck |
| title_short | Rational expectations in macroeconomics |
| title_sort | rational expectations in macroeconomics an introd to theory and evidence |
| title_sub | an introd. to theory and evidence |
| topic | Makroökonomie (DE-588)4037174-8 gnd Erwartung (DE-588)4015434-8 gnd Theorie (DE-588)4059787-8 gnd Rationale Erwartung (DE-588)4121553-9 gnd |
| topic_facet | Makroökonomie Erwartung Theorie Rationale Erwartung |
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