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About this product
- DescriptionEcomists have developed models in which individuals form expectations of key variables in a 'rational' manner such that these expectations are consistent with actual ecomic environments. Professor Sheffrin first explores the logical foundation of the concept and the case for employing it in ecomic analysis. Subsequent chapters investigate its use in macroecomics, financial markets, and microecomics. A final chapter assesses its impact on theoretical and empirical work in ecomics and policy arenas. The author argues that while rational expectations are still central to macroecomic policy debates, fully workable models have t yet been devised, and offers reasons for the lack of practical and conceptual progress. All chapters of the second edition have been revised or expanded. New sections inter alia include material on learning, the rationality of reported expectations, alternative recent developments explicitly or implicitly using rational expectations, new tests of the Lucas critique, and models of ise trading. The book is written in a n-technical fashion for beginning graduate students and n-specialists.
- Author(s)Steven M. Sheffrin
- PublisherCambridge University Press
- Date of Publication13/06/1996
- SubjectEconomics: Professional & General
- Series TitleCambridge Surveys of Economic Literature
- Place of PublicationCambridge
- Country of PublicationUnited Kingdom
- ImprintCambridge University Press
- Content Note16 b/w illus.
- Weight470 g
- Width152 mm
- Height228 mm
- Spine16 mm
- Series Edited byJohn Pencavel
- Edition Statement2nd Revised edition
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