Rational Expectations in Macroeconomic Models:
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'...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Dordrecht
Springer Netherlands
1992
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| Ausgabe: | 1st ed. 1992 |
| Schriftenreihe: | Advanced Studies in Theoretical and Applied Econometrics
26 |
| Schlagworte: | |
| 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 |
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| 520 | |a 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 | ||
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| edition | 1st ed. 1992 |
| format | Electronic eBook |
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| spelling | Fisher, P. Verfasser aut Rational Expectations in Macroeconomic Models by P. Fisher 1st ed. 1992 Dordrecht Springer Netherlands 1992 1 Online-Ressource (VIII, 211 p) txt rdacontent c rdamedia cr rdacarrier Advanced Studies in Theoretical and Applied Econometrics 26 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 Econometrics Macroeconomics/Monetary Economics//Financial Economics Calculus of Variations and Optimal Control; Optimization Macroeconomics Calculus of variations Makroökonomisches Modell (DE-588)4074486-3 gnd rswk-swf Rationale Erwartung (DE-588)4121553-9 gnd rswk-swf Simulation (DE-588)4055072-2 gnd rswk-swf Rationale Erwartung (DE-588)4121553-9 s Makroökonomisches Modell (DE-588)4074486-3 s DE-604 Simulation (DE-588)4055072-2 s Erscheint auch als Druck-Ausgabe 9789048141883 Erscheint auch als Druck-Ausgabe 9780792319030 Erscheint auch als Druck-Ausgabe 9789401580038 https://doi.org/10.1007/978-94-015-8002-1 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Fisher, P. Rational Expectations in Macroeconomic Models Econometrics Macroeconomics/Monetary Economics//Financial Economics Calculus of Variations and Optimal Control; Optimization Macroeconomics Calculus of variations Makroökonomisches Modell (DE-588)4074486-3 gnd Rationale Erwartung (DE-588)4121553-9 gnd Simulation (DE-588)4055072-2 gnd |
| subject_GND | (DE-588)4074486-3 (DE-588)4121553-9 (DE-588)4055072-2 |
| title | Rational Expectations in Macroeconomic Models |
| title_auth | Rational Expectations in Macroeconomic Models |
| title_exact_search | Rational Expectations in Macroeconomic Models |
| title_exact_search_txtP | Rational Expectations in Macroeconomic Models |
| title_full | Rational Expectations in Macroeconomic Models by P. Fisher |
| title_fullStr | Rational Expectations in Macroeconomic Models by P. Fisher |
| title_full_unstemmed | Rational Expectations in Macroeconomic Models by P. Fisher |
| title_short | Rational Expectations in Macroeconomic Models |
| title_sort | rational expectations in macroeconomic models |
| topic | Econometrics Macroeconomics/Monetary Economics//Financial Economics Calculus of Variations and Optimal Control; Optimization Macroeconomics Calculus of variations Makroökonomisches Modell (DE-588)4074486-3 gnd Rationale Erwartung (DE-588)4121553-9 gnd Simulation (DE-588)4055072-2 gnd |
| topic_facet | Econometrics Macroeconomics/Monetary Economics//Financial Economics Calculus of Variations and Optimal Control; Optimization Macroeconomics Calculus of variations Makroökonomisches Modell Rationale Erwartung Simulation |
| url | https://doi.org/10.1007/978-94-015-8002-1 |
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