The Solution of a Rational Expectations Model with Partial Current Information
Author | : Patrick Minford |
Publisher | : |
Total Pages | : |
Release | : 1990 |
Genre | : Applied mathematics |
ISBN | : |
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Author | : Patrick Minford |
Publisher | : |
Total Pages | : |
Release | : 1990 |
Genre | : Applied mathematics |
ISBN | : |
Author | : Roger Guesnerie |
Publisher | : MIT Press |
Total Pages | : 498 |
Release | : 2005-02-18 |
Genre | : Business & Economics |
ISBN | : 9780262262903 |
A theoretical assessment of the Rational Expectations Hypothesis through subjecting a collection of economic models to an "eductive stability" test. The rational expectations hypothesis (REH) dominates economic modeling in areas ranging from monetary theory, macroeconomics, and general equilibrium to finance. In this book, Roger Guesnerie continues the critical analysis of the REH begun in his Assessing Rational Expectations: Sunspot Multiplicity and Economic Fluctuations, which dealt with the questions raised by multiplicity and its implications for a theory of endogenous fluctuations. This second volume emphasizes "eductive" learning: relying on careful reasoning, agents must deduce what other agents guess, a process that differs from the standard evolutionary learning experience in which agents make decisions about the future based on past experiences. A broad "eductive" stability test is proposed that includes common knowledge and results in a unique "rationalizable expectations equilibrium." This test provides the basis for Guesnerie's theoretical assessment of the plausibility of the REH's expectational coordination, emphasizing, for different categories of economic models, conditions for the REH's success or failure. Guesnerie begins by presenting the concepts and methods of the eductive stability analysis in selected partial equilibrium models. He then explores to what extent general equilibrium strategic complementarities interfere with partial equilibrium considerations in the formation of stable expectations. Guesnerie next examines two issues relating to eductive stability in financial market models, speculation and asymmetric price information. The dynamic settings of an infinite horizon model are then taken up, and particular standard and generalized saddle-path solutions are scrutinized. Guesnerie concludes with a review of general questions and some "cautious" remarks on the policy implications of his analysis.
Author | : Charles H. Whiteman |
Publisher | : U of Minnesota Press |
Total Pages | : 151 |
Release | : 1984 |
Genre | : Business & Economics |
ISBN | : 1452907935 |
Author | : Olaf van 't Veer |
Publisher | : |
Total Pages | : 60 |
Release | : 2006 |
Genre | : Rational expectations (Economic theory) |
ISBN | : |
Author | : Deborah A. Redman |
Publisher | : Edward Elgar Publishing |
Total Pages | : 214 |
Release | : 1992 |
Genre | : Business & Economics |
ISBN | : |
The major purpose of this work is to make staying up to date with rational expectations (RE) easier for economists in government, academia and industry, as well as for students.
Author | : Patrick Minford |
Publisher | : Edward Elgar Publishing |
Total Pages | : 549 |
Release | : 2019 |
Genre | : Macroeconomics |
ISBN | : 1788970985 |
This is a newly revised second edition of a key macroeconomic textbook. After explaining the historical development of the subject, they show how rational expectations are handled in macro models. The importance of structural micro-founded models is explained, with key examples of such structural models examined in detail and with extensions to the open economy; policy implications are highlighted throughout. Methods for testing these models against macro data behaviour are explained, detailing the latest evidence on these models' success.