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Author : M. Hashem Pesaran
Publisher : Wiley-Blackwell
ISBN 13 : 9780631168850
Total Pages : 325 pages
Book Rating : 4.1/5 (688 download)
Download or read book The Limits to Rational Expectations written by M. Hashem Pesaran and published by Wiley-Blackwell. This book was released on 1989 with total page 325 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michael Bleaney
Publisher : Routledge
ISBN 13 : 113497339X
Total Pages : 871 pages
Book Rating : 4.1/5 (349 download)
Download or read book Companion to Contemporary Economic Thought written by Michael Bleaney and published by Routledge. This book was released on 1992-01-09 with total page 871 pages. Available in PDF, EPUB and Kindle. Book excerpt: * 41 in-depth essays cover current economic theory and applied economics in a single, comprehensive volume * Interfaces section considers economics as it relates to other disciplines * Extensive notes, bibliographies and suggestions for further reading; detailed index of Topics and People `A treasure-house of stimulating argument and vast amounts of, mostly, well marshalled information. The market for general survey volumes, while already crowded, should surely find room for this offering.' - The World Economy `The work under review scores very high marks.' - The Economic Journal `The chapters are written by people who are excellently qualified and frequently well-known in their field ... The book's strengths lie in the range of contributors, the very high quality of most of the contributors and its emphasis on applied economics. For these reasons alone it is an important book, which will be invaluable both to students and to economists wishing to learn about developments in other branches of their discipline.' - Economica
Author : Michael Bleaney
Publisher : Routledge
ISBN 13 : 1134761503
Total Pages : 563 pages
Book Rating : 4.1/5 (347 download)
Download or read book A Guide to Modern Economics written by Michael Bleaney and published by Routledge. This book was released on 1996-07-04 with total page 563 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work provides a valuable review of the most important developments in economic theory and application over the last decade. Comprising twenty-seven specially commissioned overviews, the volume presents a comprehensive and student-friendly guide to contemporary economics. Previously published by Routledge as part of the Companion to Contemporary Economic Thought, these essays are made available here for the first time in a concise paperback edition. A Guide to Modern Economics will be a valuable guide to all those who wish to familiarize themselves with the most recent developments in the discipline.
Author : Eelke de Jong
Publisher : Springer
ISBN 13 : 3642516688
Total Pages : 280 pages
Book Rating : 4.6/5 (425 download)
Download or read book Exchange Rate Determination and Optimal Economic Policy Under Various Exchange Rate Regimes written by Eelke de Jong and published by Springer. This book was released on 2013-12-19 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: 1.1 Some characteristics of the floating exchange rate system The flexible exchange rate system has functioned far less satisfactorily than many anticipated in 1973, when the major industrialized countries decided to let their currencies float. The dominant currencies' exchange rates have fluctuated more 1 than expected. These fluctuations concern both short-term movement- intraday fluctuations and movements during a week or a month - and long term changes that last for more than a year. Daily percentage changes of one percent are not unusual for the recent float (see MacDonald, 1988, p.8). However, the release of new information can give rise to much larger changes. For example in August 1987 "the dollar moved down 6 percent in two days based on the July trade figures" (Glynn, 1988, p. 36). For the period 1973-1985 MacDonald (1988, p.10) presents minimum and maximum monthly percentage exchange rate changes. These figures clearly illustrate the magnitude of the volatility and also show that the volatility has not diminished as the experience 2 with floating has increased. In addition to this volatility, exchange rates are also characterized by misalignment: "persistent departure of the exchange rate from its long-run equilibrium" (Williamson, 1983, p.l3). Although the measure of misalignment depends upon the exact definition of the exchange rate's long-run equilibrium, there is a widespread feeling that during the greater part of the 1970s the dollar was undervalued, whereas it was overvalued during the first half of the 1980s.
Author : Massimo Salzano
Publisher : Springer Science & Business Media
ISBN 13 : 8847005345
Total Pages : 321 pages
Book Rating : 4.8/5 (47 download)
Download or read book Complexity Hints for Economic Policy written by Massimo Salzano and published by Springer Science & Business Media. This book was released on 2007-05-15 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book considers the benefits of complexity, suggesting that economists should become a bit less certain in their policy conclusions. A broader range of models would include agent-based models, which use computational power to deal with specification of models that are far beyond analytic solution; and non-linear dynamic stochastic models, many of which are beyond analytic solution, but whose nature can be discovered by a combination of analytics and computer simulations.
Author : John H. Kagel
Publisher : Princeton University Press
ISBN 13 : 0691213259
Total Pages : 742 pages
Book Rating : 4.6/5 (912 download)
Download or read book The Handbook of Experimental Economics written by John H. Kagel and published by Princeton University Press. This book was released on 2020-05-05 with total page 742 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, which comprises eight chapters, presents a comprehensive critical survey of the results and methods of laboratory experiments in economics. The first chapter provides an introduction to experimental economics as a whole, with the remaining chapters providing surveys by leading practitioners in areas of economics that have seen a concentration of experiments: public goods, coordination problems, bargaining, industrial organization, asset markets, auctions, and individual decision making. The work aims both to help specialists set an agenda for future research and to provide nonspecialists with a critical review of work completed to date. Its focus is on elucidating the role of experimental studies as a progressive research tool so that wherever possible, emphasis is on series of experiments that build on one another. The contributors to the volume--Colin Camerer, Charles A. Holt, John H. Kagel, John O. Ledyard, Jack Ochs, Alvin E. Roth, and Shyam Sunder--adopt a particular methodological point of view: the way to learn how to design and conduct experiments is to consider how good experiments grow organically out of the issues and hypotheses they are designed to investigate.
Author : Benjamin M. Friedman
Publisher : Newnes
ISBN 13 : 0444534709
Total Pages : 1729 pages
Book Rating : 4.4/5 (445 download)
Download or read book Handbook of Monetary Economics Vols 3A+3B Set written by Benjamin M. Friedman and published by Newnes. This book was released on 1990 with total page 1729 pages. Available in PDF, EPUB and Kindle. Book excerpt: How have monetary policies matured during the last decade? The recent downturn in economies worldwide have put monetary policies in a new spotlight. In addition to their investigations of new tools, models, and assumptions, they look carefully at recent evidence on subjects as varied as price-setting, inflation persistence, the private sector's formation of inflation expectations, and the monetary policy transmission mechanism. They also reexamine standard presumptions about the rationality of asset markets and other fundamentals. Stopping short of advocating conclusions about the ideal conduct of policy, the authors focus instead on analytical methods and the changing interactions among the ingredients and properties that inform monetary models. The influences between economic performance and monetary policy regimes can be both grand and muted, and this volume clarifies the present state of this continually evolving relationship. Presents extensive coverage of monetary policy theories with an eye toward questions raised by the recent financial crisis Explores the policies and practices used in formulating and transmitting monetary policies Questions fiscal-monetary connnections and encourages new thinking about the business cycle itself Observes changes in the formulation of monetary policies over the last 25 years
Author : John Eatwell
Publisher : W. W. Norton & Company
ISBN 13 : 9780393958560
Total Pages : 306 pages
Book Rating : 4.9/5 (585 download)
Download or read book Econometrics written by John Eatwell and published by W. W. Norton & Company. This book was released on 1990 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt: "First published in the New Palgrave: a dictionary of economics ... in four volumes, 1987"--T.p. verso. Includes bibliographical references.
Author : Olivier Basdevant
Publisher : Nova Publishers
ISBN 13 : 9781594545467
Total Pages : 230 pages
Book Rating : 4.5/5 (454 download)
Download or read book Monetary Policy in Transition written by Olivier Basdevant and published by Nova Publishers. This book was released on 2005 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: Monetary policy faces a particularly difficult task in most economies going through structural reforms: having to stabilise fluctuations around the trend, central banks have also to deal with a trend that is itself subjected to shifts, as a result of reforms. This book proposes some perspectives on these issues, with various contributions from both practitioners and academics, emphasising how rather simple techniques can be conveniently used to solve complex problems. Several issues are hence considered, each emphasising a particular aspect of the theme proposed: (i) forecasting inflation, with the experience of the Reserve Bank of New Zealand being taken as an example, since this country went through drastic structural change, (ii) understanding underlying trends of inflation, focusing on expectations and data revision, wage-bargaining process and more generally supply effects, since structural change magnifies them, (iii) formulating policy recommendations, the example taken is the strategy towards the euro for Eastern European countries and (iv) assessing risks of sudden stops.
Author : Charles McCann
Publisher : Routledge
ISBN 13 : 1134839138
Total Pages : 188 pages
Book Rating : 4.1/5 (348 download)
Download or read book Probability Foundations of Economic Theory written by Charles McCann and published by Routledge. This book was released on 2003-08-16 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: First published in 1994. Routledge is an imprint of Taylor & Francis, an informa company.
Author : Xavier Vives
Publisher : Princeton University Press
ISBN 13 : 140082950X
Total Pages : 422 pages
Book Rating : 4.4/5 (8 download)
Download or read book Information and Learning in Markets written by Xavier Vives and published by Princeton University Press. This book was released on 2010-01-25 with total page 422 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ways financial analysts, traders, and other specialists use information and learn from each other are of fundamental importance to understanding how markets work and prices are set. This graduate-level textbook analyzes how markets aggregate information and examines the impacts of specific market arrangements--or microstructure--on the aggregation process and overall performance of financial markets. Xavier Vives bridges the gap between the two primary views of markets--informational efficiency and herding--and uses a coherent game-theoretic framework to bring together the latest results from the rational expectations and herding literatures. Vives emphasizes the consequences of market interaction and social learning for informational and economic efficiency. He looks closely at information aggregation mechanisms, progressing from simple to complex environments: from static to dynamic models; from competitive to strategic agents; and from simple market strategies such as noncontingent orders or quantities to complex ones like price contingent orders or demand schedules. Vives finds that contending theories like informational efficiency and herding build on the same principles of Bayesian decision making and that "irrational" agents are not needed to explain herding behavior, booms, and crashes. As this book shows, the microstructure of a market is the crucial factor in the informational efficiency of prices. Provides the most complete analysis of the ways markets aggregate information Bridges the gap between the rational expectations and herding literatures Includes exercises with solutions Serves both as a graduate textbook and a resource for researchers, including financial analysts
Author : Mr. Jorge A Alvarez
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 37 pages
Book Rating : 4.4/5 (2 download)
Download or read book How Costly Will Reining in Inflation Be? It Depends on How Rational We Are written by Mr. Jorge A Alvarez and published by International Monetary Fund. This book was released on 2023-02-03 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: We document that past highly inflationary episodes are often characterized by a steeper inflationslack relationship. We show that model-generated data from a standard small Dynamic Stochastic General Equilibrium (DSGE) model can replicate this empirical finding when estimated with different expectation formation processes. When inflation becomes de-anchored and expectations drift, we can observe high inflation even with a mildly positive output gap in response to cost-push shocks. The results imply that we should not use an unconditioned (not controlling for expectations change) Phillips curve estimated in normal times to predict the cost of reining in inflation. Our optimal policy exercises prescribe early monetary policy tightening and then easing in the context of positive output gaps and inflation far above the central bank target.
Author : Riccardo Viale
Publisher : Routledge
ISBN 13 : 131733079X
Total Pages : 844 pages
Book Rating : 4.3/5 (173 download)
Download or read book Routledge Handbook of Bounded Rationality written by Riccardo Viale and published by Routledge. This book was released on 2020-12-02 with total page 844 pages. Available in PDF, EPUB and Kindle. Book excerpt: Herbert Simon’s renowned theory of bounded rationality is principally interested in cognitive constraints and environmental factors and influences which prevent people from thinking or behaving according to formal rationality. Simon’s theory has been expanded in numerous directions and taken up by various disciplines with an interest in how humans think and behave. This includes philosophy, psychology, neurocognitive sciences, economics, political science, sociology, management, and organization studies. The Routledge Handbook of Bounded Rationality draws together an international team of leading experts to survey the recent literature and the latest developments in these related fields. The chapters feature entries on key behavioural phenomena, including reasoning, judgement, decision making, uncertainty, risk, heuristics and biases, and fast and frugal heuristics. The text also examines current ideas such as fast and slow thinking, nudge, ecological rationality, evolutionary psychology, embodied cognition, and neurophilosophy. Overall, the volume serves to provide the most complete state-of-the-art collection on bounded rationality available. This book is essential reading for students and scholars of economics, psychology, neurocognitive sciences, political sciences, and philosophy.
Author : Patrick Minford
Publisher : Edward Elgar Publishing
ISBN 13 : 1788970985
Total Pages : 549 pages
Book Rating : 4.7/5 (889 download)
Download or read book Advanced Macroeconomics written by Patrick Minford and published by Edward Elgar Publishing. This book was released on 2019 with total page 549 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author : Toichiro Asada
Publisher : Routledge
ISBN 13 : 113527231X
Total Pages : 450 pages
Book Rating : 4.1/5 (352 download)
Download or read book Monetary Macrodynamics written by Toichiro Asada and published by Routledge. This book was released on 2012-11-12 with total page 450 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book investigates the interaction of effective goods demand with the wage-price spiral, and the impact of monetary policy on financial and the real markets from a Keynesian perspective. Endogenous business fluctuations are studied in the context of long-run distributive cycles in an advanced, rigorously formulated and quantitative setup. The material is developed by way of self-contained chapters on three levels of generality, an advanced textbook level, a research-oriented applied level and on a third level that shows how the interaction of real with financial markets has to be modelled from a truly integrative Keynesian perspective. Monetary Macrodynamics shows that the balanced growth path of a capitalist economy is unlikely to be attracting and that the cumulative forces that surround it are controlled in the large by changes in the behavioural factors that drive the wage-price spiral and the financial markets. Such behavioural changes can in fact be observed in actual economies in the interaction of demand-driven business fluctuations with supply-driven wage and price dynamics as they originate from the conflict over income distribution between capital and labour. The book is a detailed critique of US mainstream macroeconomics and uses rigorous dynamic macro-models of a descriptive and applicable nature. It will be of particular relevance to postgraduate students and researchers interested in disequilibrium processes, real wage feedback channels, financial markets and portfolio choice, financial accelerator mechanisms and monetary policy.
Author :
Publisher : UM Libraries
ISBN 13 :
Total Pages : 370 pages
Book Rating : 4.3/5 (91 download)
Download or read book Michigan Journal of Economics written by and published by UM Libraries. This book was released on 1980 with total page 370 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Steven M. Sheffrin
Publisher : Cambridge University Press
ISBN 13 : 9780521479394
Total Pages : 204 pages
Book Rating : 4.4/5 (793 download)
Download or read book Rational Expectations written by Steven M. Sheffrin and published by Cambridge University Press. This book was released on 1996-06-13 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book develops the idea of rational expectations and surveys its use in economics today.
