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Rational Expectations / Edition 2

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Overview

Economists have recently been working with models in which individuals form expectations of key variables in a "rational" manner, such that these expectations are consistent with actual economic environments. Professor Sheffrin first explores the logical foundation of the concept and the case for employing it in economic analysis. Subsequent chapters investigate its use in macroeconomics, financial markets, and microeconomics. A final chapter assesses its impact on theoretical and empirical work in economics and policy arenas. The author argues that although expectations are still central to macroeconomic policy debates, fully workable models have not yet been devised, and he offers reasons for the lack of conceptual and practical advances. All chapters of the second edition have been revised or expanded. New sections include, inter alia, material on learning, the rationality of reported expectations, alternative recent developments that explicitly or implicitly use rational expectations, new tests of the Lucas critique, and models of noise trading.
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Product Details

  • ISBN-13: 9780521479394
  • Publisher: Cambridge University Press
  • Publication date: 5/28/2006
  • Series: Surveys of Economic Literature Series
  • Edition description: REV
  • Edition number: 2
  • Pages: 184
  • Product dimensions: 5.98 (w) x 8.98 (h) x 0.47 (d)

Table of Contents

Preface
Preface to the first edition
1 The concept of rational expectations 1
2 Inflation and unemployment 25
3 Further topics in macroeconomics 63
4 Efficient markets and rational expectations 99
5 Empirical microeconomic models 133
6 Rational expectations in practice 157
References 169
Index 181
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