The Conquest of American Inflation / Edition 1

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Overview

In the past fifteen years, many advanced countries have conquered inflation. History reveals, however, that it has been conquered before and returned. In The Conquest of American Inflation, Thomas J. Sargent presents a groundbreaking analysis of the rise and fall of U.S. inflation after 1960. He examines two broad explanations for the behavior of inflation and unemployment in this period: the natural-rate hypothesis joined to the Lucas critique and a more traditional econometric policy evaluation modified to include adaptive expectations and learning. His purpose is not only to determine which is the better account but also to codify for the benefit of the next generation the economic forces that cause inflation.

Synthesizing results from macroeconomics, game theory, control theory, and other fields to extend both adaptive expectations and rational expectations theory, Sargent compellingly describes postwar inflation in terms of drifting coefficients. This book provides an original methodological link between theoretical and policy economics. It will engender much debate and become an indispensable text for academics, graduate students, and professional economists.

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Editorial Reviews

Booknews
Sargent (economics, Stanford U.) provides analysis of the rise and fall of US inflation after 1960, focusing on two broad explanations for the behavior of inflation and unemployment in this period: the natural-rate hypothesis joined to the Lucas critique and a more traditional econometric policy evaluation modified to include adaptive expectations and learning. Annotation c. Book News, Inc., Portland, OR (booknew.com)
The Times Higher Education Supplement - Peter Sinclair
A lucid, penetrating inquiry into the 'ifs and buts' of rational expectations and their implications for policy. . . . This book illustrates Sargent's great curiosity and honesty . . . A beautifully crafted, deep, and . . . very accessible work. . . . It deserves to be one of the century's most influential books on macroeconomics.
Journal of Economic Literature - Ramon Marimon
A path-breaking contribution. It shows new ways to analyze dynamic economics. It is a basic reference to understand—and develop—dynamic macroeconomic theory in the 21st century.
From the Publisher

"This book illustrates Sargent's great curiosity and honesty. . . . [Here] the reader gets a lucid, penetrating inquiry into the "ifs and buts" of rational expectations (RE) and their implications for policy."--Peter Sinclair, The Times Higher Education Supplement

"A lucid, penetrating inquiry into the 'ifs and buts' of rational expectations and their implications for policy. . . . This book illustrates Sargent's great curiosity and honesty . . . A beautifully crafted, deep, and . . . very accessible work. . . . It deserves to be one of the century's most influential books on macroeconomics."--Peter Sinclair, Times Literary Supplement

"A path-breaking contribution. It shows new ways to analyze dynamic economics. It is a basic reference to understand--and develop--dynamic macroeconomic theory in the 21st century."--Ramon Marimon, Journal of Economic Literature

Times Literary Supplement
A lucid, penetrating inquiry into the 'ifs and buts' of rational expectations and their implications for policy. . . . This book illustrates Sargent's great curiosity and honesty . . . A beautifully crafted, deep, and . . . very accessible work. . . . It deserves to be one of the century's most influential books on macroeconomics.
— Peter Sinclair
Journal of Economic Literature
A path-breaking contribution. It shows new ways to analyze dynamic economics. It is a basic reference to understand—and develop—dynamic macroeconomic theory in the 21st century.
— Ramon Marimon
The Times Higher Education Supplement
This book illustrates Sargent's great curiosity and honesty. . . . [Here] the reader gets a lucid, penetrating inquiry into the "ifs and buts" of rational expectations (RE) and their implications for policy.
— Peter Sinclair
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Product Details

  • ISBN-13: 9780691004143
  • Publisher: Princeton University Press
  • Publication date: 1/11/1999
  • Edition number: 1
  • Pages: 168
  • Product dimensions: 6.50 (w) x 9.45 (h) x 0.33 (d)

Table of Contents

Preface
1 The Rise and Fall of U.S. Inflation 1
2 Ignoring the Lucas Critique 14
3 The Credibility Problem 20
4 Credible Government Policies 31
5 Adaptive Expectations (1950's) 50
6 Optimal Misspecified Beliefs 59
7 Self-Confirming Equilibria 68
8 Adaptive Expectations (1990's) 87
9 Econometric Policy Evaluation 122
10 Triumph or Vindication? 130
Glossary 135
References 137
Author Index 145
Subject Index 147
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