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'...

Ausführliche Beschreibung

Bibliographische Detailangaben

1. Verfasser:	Fisher, P. (VerfasserIn)
Format:	Elektronisch E-Book
Sprache:	English
Veröffentlicht:	Dordrecht Springer Netherlands 1992
Ausgabe:	1st ed. 1992
Schriftenreihe:	Advanced Studies in Theoretical and Applied Econometrics 26
Schlagworte:	Econometrics Macroeconomics/Monetary Economics//Financial Economics Calculus of Variations and Optimal Control; Optimization Macroeconomics Calculus of variations Makroökonomisches Modell Rationale Erwartung Simulation
Online-Zugang:	BTU01 Volltext
Zusammenfassung:	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
Beschreibung:	1 Online-Ressource (VIII, 211 p)
ISBN:	9789401580021
DOI:	10.1007/978-94-015-8002-1