Individual Forecasting and Aggregate Outcomes: 'Rational Expectations' ExaminedRoman Frydman, Edmund S. Phelps Cambridge University Press, 2. 10. 1986 - Počet stran: 238 Growing out of a conference on Expectations Formation and Economic Disequilibrium held in New York City in 1981, the papers in this volume provide a complex view of market processes in which individual rationality is no guarantee of convergence to the 'correct' model and the equilibrium coordination of agents' plans. They reject the 'optimality' argument for the rational expectations hypothesis, opening the door to other hypotheses of optimal expectations of agents in the decentralized market economy. |
Obsah
Introduction | 1 |
The trouble with rational expectations and the problem of inflation stabilization | 31 |
Comment | 41 |
Expectations of others expectations and the transitional nonneutrality of fully believed systematic monetary policy | 47 |
Comment | 66 |
The stability of rational expectations in macroeconomic models | 69 |
Comment | 94 |
Individual rationality decentralization and the rational expectations hypothesis | 97 |
A distinction between the unconditional expectational equilibrium and the rational expectations equilibrium | 139 |
On mistaken beliefs and resultant equilibria | 147 |
Comment | 166 |
Equilibrium theory with learning and disparate expectations some issues and methods | 169 |
Comment | 198 |
Keynesianism monetarism and rational expectations some reflections and conjectures | 203 |
Comment | 223 |
| 231 | |
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Individual Forecasting and Aggregate Outcomes: 'Rational Expectations' Examined Roman Frydman,Edmund S. Phelps Náhled není k dispozici. - 1984 |
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