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Equilibrium Beliefs And Non Uniqueness In A Rational Expectations Model Of Inflation
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Book Synopsis Equilibrium Beliefs and Non-uniqueness in a Rational Expectations Model of Inflation by : Kenneth J. Matheny
Download or read book Equilibrium Beliefs and Non-uniqueness in a Rational Expectations Model of Inflation written by Kenneth J. Matheny and published by . This book was released on 1993 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis On Non-uniqueness in Rational Expectations Models by : Bennett T. McCallum
Download or read book On Non-uniqueness in Rational Expectations Models written by Bennett T. McCallum and published by . This book was released on 1981 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many macroeconomic models involving rational expect at ions give rise to an infinity of solution paths, even when the models are linear in all variables. Some writers have suggested that this non-uniqueness constitutes a serious weakness for the rational expectations hypothesis. One purpose of the present paper is to argue that the non-uniqueness in question is not properly attributable to the rationality hypothesis but, instead, is a general feature of dynamic models involving expectations. It is also argued that there typically exists, in a very wide class of linear rational expectations models, a single solution that excludes "bubble" or "bootstrap" effects ones that occur only because they are arbitrarily expected to occur. A systematic procedure for obtaining solutions free from such effects is introduced and discussed. In addition, this procedure is used to interpret and reconsider several prominent examples with solution multiplicities, including ones developed by Fischer Black and John B. Taylor. [Resumen de autor]
Download or read book Paper written by and published by . This book was released on 1998 with total page 544 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Non-uniqueness of Rational Expectations Equilibria by : Torben M. Andersen
Download or read book Non-uniqueness of Rational Expectations Equilibria written by Torben M. Andersen and published by . This book was released on 1988 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A note on non-uniqueness in rational expectations models by : W. M. Scarth
Download or read book A note on non-uniqueness in rational expectations models written by W. M. Scarth and published by . This book was released on 1984 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Handbook of Macroeconomics by : Michael Woodford
Download or read book Handbook of Macroeconomics written by Michael Woodford and published by Elsevier. This book was released on 1999 with total page 822 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Non-uniqueness of Rational Expectations Equilibria by : Peter Skott
Download or read book Non-uniqueness of Rational Expectations Equilibria written by Peter Skott and published by . This book was released on 1990 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Visual Interactive Approach for Multiple Criteria Decision Making with Monotone Utility Functions by : M. Murat Köksalan
Download or read book A Visual Interactive Approach for Multiple Criteria Decision Making with Monotone Utility Functions written by M. Murat Köksalan and published by . This book was released on 1996 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Beliefs and Business Cycles by : Kenneth James Matheny
Download or read book Essays on Beliefs and Business Cycles written by Kenneth James Matheny and published by . This book was released on 1992 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Rethinking Expectations by : Roman Frydman
Download or read book Rethinking Expectations written by Roman Frydman and published by Princeton University Press. This book was released on 2013-01-23 with total page 441 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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. In the introductory essay, Frydman and Phelps interpret the various efforts to reconstruct the field--some of which promise to chart its direction for decades to come. The contributors include Philippe Aghion, Sheila Dow, George W. Evans, Roger E. A. Farmer, Roman Frydman, Michael D. Goldberg, Roger Guesnerie, Seppo Honkapohja, Katarina Juselius, Enisse Kharroubi, Blake LeBaron, Edmund S. Phelps, John B. Taylor, Michael Woodford, and Gylfi Zoega.
Book Synopsis A Note on the Goldfeld Quandt Test by : K. Tomak
Download or read book A Note on the Goldfeld Quandt Test written by K. Tomak and published by . This book was released on 1995 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis On Non-uniqueness in Rational Expectations Models by : Bennett T. MacCallum
Download or read book On Non-uniqueness in Rational Expectations Models written by Bennett T. MacCallum and published by . This book was released on 1983 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Many macroeconomic models involving rational expect at ions give rise to an infinity of solution paths, even when the models are linear in all variables. Some writers have suggested that this non-uniqueness constitutes a serious weakness for the rational expectations hypothesis. One purpose of the present paper is to argue that the non-uniqueness in question is not properly attributable to the rationality hypothesis but, instead, is a general feature of dynamic models involving expectations. It is also argued that there typically exists, in a very wide class of linear rational expectations models, a single solution that excludes "bubble" or "bootstrap" effects -- ones that occur only because they are arbitrarily expected to occur. A systematic procedure for obtaining solutions free from such effects is introduced and discussed. In addition, this procedure is used to interpret and reconsider several prominent examples with solution multiplicities, including ones developed by Fischer Black and John B. Taylor
Book Synopsis The Social Science Encyclopedia by : Adam Kuper
Download or read book The Social Science Encyclopedia written by Adam Kuper and published by Routledge. This book was released on 2004-10-14 with total page 1160 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Social Science Encyclopedia, first published in 1985 to acclaim from social scientists, librarians and students, was thoroughly revised in 1996, when reviewers began to describe it as a classic. This third edition has been radically recast. Over half the entries are new or have been entirely rewritten, and most of the balance have been substantially revised. Written by an international team of contributors, the Encyclopedia offers a global perspective on key issues within the social sciences. Some 500 entries cover a variety of enduring and newly vital areas of study and research methods. Experts review theoretical debates from neo-evolutionism and rational choice theory to poststructuralism, and address the great questions that cut across the social sciences. What is the influence of genes on behaviour? What is the nature of consciousness and cognition? What are the causes of poverty and wealth? What are the roots of conflict, wars, revolutions and genocidal violence? This authoritative reference work is aimed at anyone with a serious interest in contemporary academic thinking about the individual in society.
Download or read book Prepacks written by Elizabeth Tashjian and published by . This book was released on 1994 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Central Europe towards Monetary Union: Macroeconomic Underpinnings and Financial Reputation by : Ronald MacDonald
Download or read book Central Europe towards Monetary Union: Macroeconomic Underpinnings and Financial Reputation written by Ronald MacDonald and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: A key objective of the Central European Economies (CEE) on their transition path from planned to more market-oriented economies has been membership of the European Union (EU). The start of Economic and Monetary Union (EMU) in 1999 has added membership of the EMU to the agenda for the CEEs. The task of the so-called Visègrad countries (the Czech and Slovak Republics, Hungary and Poland) of preparing for EU and EMU membership is the key theme underlying the papers contained in this volume. There are many issues to be resolved before the Visègrad countries are admitted into the EU, and this volume focuses on the issues relating to macroeconomic policies and financial sector structures. The chapters of Central Europe Towards Monetary Union: Macroeconomic Underpinnings and Financial Reputation contain new theoretical and empirical results and also comprehensive institutional overviews. The intended readership of the book is policy makers and economists working in the academic and financial sectors.
Book Synopsis The Relevance of Open Market Operations as a Monetary Policy Tool by : Kenneth J. Matheny
Download or read book The Relevance of Open Market Operations as a Monetary Policy Tool written by Kenneth J. Matheny and published by . This book was released on 1996 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Learning About Inflation Measures for Interest Rate Rules by : Luis-Felipe Zanna
Download or read book Learning About Inflation Measures for Interest Rate Rules written by Luis-Felipe Zanna and published by International Monetary Fund. This book was released on 2010-12-01 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: Empirical evidence suggests that goods are highly heterogeneous with respect to the degree of price rigidity. We develop a DSGE model featuring heterogeneous nominal rigidities across two sectors to study the equilibrium determinacy and stability under adaptive learning for interest rate rules that respond to inflation measures differing in their degree of price stickiness. We find that rules responding to headline inflation measures that assign a positive weight to the inflation of the sector with low price stickiness are more prone to generate macroeconomic instability than rules that respond exclusively to the inflation of the sector with high price stickiness. By this we mean that they are more prone to induce non-learnable fundamental-driven equilibria, learnable self-fulfilling expectations equilibria, and equilibria where fluctuations are unbounded. We discuss how our results depend on the elasticity of substitution across goods, the degree of heterogeneity in price rigidity, as well as on the timing of the rule.
