Rethinking expectations: the way forward for macroeconomics
Gespeichert in:
| Format: | Elektronisch E-Book |
|---|---|
| Sprache: | English |
| Veröffentlicht: |
Princeton
Princeton University Press
c2013
|
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Beschreibung: | Includes bibliographical references and index Pt. 1. Back to the foundations -- pt. 2. Autonomous expectations in long swings in asset prices -- pt. 3. Rethinking unemployment-inflation trade-offs and the natural rate theory -- pt. 4. Policymaking after "rational expectations" "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."--Publisher's website |
| Beschreibung: | 1 Online-Ressource (vi, 432 p.) |
| ISBN: | 9781400846450 1400846455 9780691155234 0691155232 9781283868365 1283868369 |
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Datensatz im Suchindex
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| spelling | Rethinking expectations the way forward for macroeconomics edited by Roman Frydman and Edmund S. Phelps Princeton Princeton University Press c2013 1 Online-Ressource (vi, 432 p.) txt rdacontent c rdamedia cr rdacarrier Includes bibliographical references and index Pt. 1. Back to the foundations -- pt. 2. Autonomous expectations in long swings in asset prices -- pt. 3. Rethinking unemployment-inflation trade-offs and the natural rate theory -- pt. 4. Policymaking after "rational expectations" "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."--Publisher's website BUSINESS & ECONOMICS / Economics / Macroeconomics bisacsh POLITICAL SCIENCE / Economic Conditions bisacsh BUSINESS & ECONOMICS / Banks & Banking bisacsh Macroeconomics fast Rational expectations (Economic theory) fast Wirtschaft Macroeconomics Rational expectations (Economic theory) Rationale Erwartung (DE-588)4121553-9 gnd rswk-swf Makroökonomisches Modell (DE-588)4074486-3 gnd rswk-swf 1\p (DE-588)1071861417 Konferenzschrift 2010 New York, NY gnd-content Makroökonomisches Modell (DE-588)4074486-3 s Rationale Erwartung (DE-588)4121553-9 s 2\p DE-604 Frydman, Roman Sonstige oth Phelps, Edmund S. Sonstige oth http://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&db=nlabk&AN=509719 Aggregator Volltext 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 2\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Rethinking expectations the way forward for macroeconomics BUSINESS & ECONOMICS / Economics / Macroeconomics bisacsh POLITICAL SCIENCE / Economic Conditions bisacsh BUSINESS & ECONOMICS / Banks & Banking bisacsh Macroeconomics fast Rational expectations (Economic theory) fast Wirtschaft Macroeconomics Rational expectations (Economic theory) Rationale Erwartung (DE-588)4121553-9 gnd Makroökonomisches Modell (DE-588)4074486-3 gnd |
| subject_GND | (DE-588)4121553-9 (DE-588)4074486-3 (DE-588)1071861417 |
| title | Rethinking expectations the way forward for macroeconomics |
| title_auth | Rethinking expectations the way forward for macroeconomics |
| title_exact_search | Rethinking expectations the way forward for macroeconomics |
| title_full | Rethinking expectations the way forward for macroeconomics edited by Roman Frydman and Edmund S. Phelps |
| title_fullStr | Rethinking expectations the way forward for macroeconomics edited by Roman Frydman and Edmund S. Phelps |
| title_full_unstemmed | Rethinking expectations the way forward for macroeconomics edited by Roman Frydman and Edmund S. Phelps |
| title_short | Rethinking expectations |
| title_sort | rethinking expectations the way forward for macroeconomics |
| title_sub | the way forward for macroeconomics |
| topic | BUSINESS & ECONOMICS / Economics / Macroeconomics bisacsh POLITICAL SCIENCE / Economic Conditions bisacsh BUSINESS & ECONOMICS / Banks & Banking bisacsh Macroeconomics fast Rational expectations (Economic theory) fast Wirtschaft Macroeconomics Rational expectations (Economic theory) Rationale Erwartung (DE-588)4121553-9 gnd Makroökonomisches Modell (DE-588)4074486-3 gnd |
| topic_facet | BUSINESS & ECONOMICS / Economics / Macroeconomics POLITICAL SCIENCE / Economic Conditions BUSINESS & ECONOMICS / Banks & Banking Macroeconomics Rational expectations (Economic theory) Wirtschaft Rationale Erwartung Makroökonomisches Modell Konferenzschrift 2010 New York, NY |
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