Rethinking expectations :: the way forward for macroeconomics /
"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 macroeconomi...
Gespeichert in:
| Weitere Verfasser: | , |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Princeton :
Princeton University Press,
©2013.
|
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | "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 resource (vi, 432 pages) : illustrations |
| Bibliographie: | Includes bibliographical references and index. |
| ISBN: | 9781400846450 1400846455 |
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| contents | 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." |
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| indexdate | 2024-11-26T14:49:08Z |
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| owner_facet | MAIN DE-863 DE-BY-FWS |
| physical | 1 online resource (vi, 432 pages) : illustrations |
| psigel | ZDB-4-EBU |
| publishDate | 2013 |
| publishDateSearch | 2013 |
| publishDateSort | 2013 |
| publisher | Princeton University Press, |
| record_format | marc |
| spelling | Rethinking expectations : the way forward for macroeconomics / edited by Roman Frydman and Edmund S. Phelps. Princeton : Princeton University Press, ©2013. 1 online resource (vi, 432 pages) : illustrations text txt rdacontent computer c rdamedia online resource cr rdacarrier text file 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 Print version record. In English. Macroeconomics. http://id.loc.gov/authorities/subjects/sh85079443 Rational expectations (Economic theory) http://id.loc.gov/authorities/subjects/sh85111518 Macroéconomie. BUSINESS & ECONOMICS Economics Macroeconomics. bisacsh POLITICAL SCIENCE Economic Conditions. bisacsh BUSINESS & ECONOMICS Banks & Banking. bisacsh Macroeconomics fast Rational expectations (Economic theory) fast Makroökonomisches Modell gnd http://d-nb.info/gnd/4074486-3 Rationale Erwartung gnd http://d-nb.info/gnd/4121553-9 Frydman, Roman, 1948- https://id.oclc.org/worldcat/entity/E39PBJt8jW3hGD6VWJJbWM7mBP http://id.loc.gov/authorities/names/n83121146 Phelps, Edmund S. http://id.loc.gov/authorities/names/n80051668 has work: Rethinking expectations (Text) https://id.oclc.org/worldcat/entity/E39PCH6BVydgbbgWW3vdJq98P3 https://id.oclc.org/worldcat/ontology/hasWork Print version: Rethinking expectations. Princeton : Princeton University Press, ©2013 9780691155234 (DLC) 2012030492 (OCoLC)808007427 FWS01 ZDB-4-EBU FWS_PDA_EBU https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=509719 Volltext |
| spellingShingle | Rethinking expectations : the way forward for macroeconomics / 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." Macroeconomics. http://id.loc.gov/authorities/subjects/sh85079443 Rational expectations (Economic theory) http://id.loc.gov/authorities/subjects/sh85111518 Macroéconomie. BUSINESS & ECONOMICS Economics Macroeconomics. bisacsh POLITICAL SCIENCE Economic Conditions. bisacsh BUSINESS & ECONOMICS Banks & Banking. bisacsh Macroeconomics fast Rational expectations (Economic theory) fast Makroökonomisches Modell gnd http://d-nb.info/gnd/4074486-3 Rationale Erwartung gnd http://d-nb.info/gnd/4121553-9 |
| subject_GND | http://id.loc.gov/authorities/subjects/sh85079443 http://id.loc.gov/authorities/subjects/sh85111518 http://d-nb.info/gnd/4074486-3 http://d-nb.info/gnd/4121553-9 |
| 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 | Macroeconomics. http://id.loc.gov/authorities/subjects/sh85079443 Rational expectations (Economic theory) http://id.loc.gov/authorities/subjects/sh85111518 Macroéconomie. BUSINESS & ECONOMICS Economics Macroeconomics. bisacsh POLITICAL SCIENCE Economic Conditions. bisacsh BUSINESS & ECONOMICS Banks & Banking. bisacsh Macroeconomics fast Rational expectations (Economic theory) fast Makroökonomisches Modell gnd http://d-nb.info/gnd/4074486-3 Rationale Erwartung gnd http://d-nb.info/gnd/4121553-9 |
| topic_facet | Macroeconomics. Rational expectations (Economic theory) Macroéconomie. BUSINESS & ECONOMICS Economics Macroeconomics. POLITICAL SCIENCE Economic Conditions. BUSINESS & ECONOMICS Banks & Banking. Macroeconomics Makroökonomisches Modell Rationale Erwartung |
| url | https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=509719 |
| work_keys_str_mv | AT frydmanroman rethinkingexpectationsthewayforwardformacroeconomics AT phelpsedmunds rethinkingexpectationsthewayforwardformacroeconomics |