Economists have developed models in which individuals form expectations of key variables in a "rational" manner such that these expectations are consistent with actual economic environments. In this revised and expanded second edition, 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 while rational expectations are still central to macroeconomic policy debates, fully workable models have not yet been devised, and offers reasons for the lack of practical and conceptual progress.
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This revised and expanded edition argues that while rational expectations are still central to macroeconomic policy debates, fully workable models have not yet been devised. It offers reasons for the lack of practical and conceptual progress.
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This is a excellent introduction to Rational Expectations,
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This review is from: Rational Expectations (Cambridge Surveys of Economic Literature) (Paperback)
The Sheffrin's book is excellent introduction to Rational Expectations Theory, I reviewed all the book in the PhD, the book is very clear. The book was written in non-technical language and reveals both the power and the limitations of the expectations assumption. I recommend the book.
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Inside This Book
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First Sentence:
Two divergent schools of thought originated at Carnegie-Mellon University in the late fifties and early sixties. Read the first page Key Phrases - Capitalized Phrases (CAPs): (learn more)
Inflation Game, United States, Wall Street, Weekend Effect, January Effect, Milton Friedman, John Muth New!
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Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
Two divergent schools of thought originated at Carnegie-Mellon University in the late fifties and early sixties. Read the first page Key Phrases - Capitalized Phrases (CAPs): (learn more)
Inflation Game, United States, Wall Street, Weekend Effect, January Effect, Milton Friedman, John Muth New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
Citations (learn more)
This book cites 34
books:
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60
books
cite this book:
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- Political Economy by Allan H. Meltzer on 4 pages
- The Random Character of Stock Market Prices by Paul Cootner in Back Matter (1), and Back Matter (2)
- Public Policy by Christopher A. Simon in Back Matter
- How Taxes Affect Economic Behavior (Studies in Government Finance) by Henry J. Aaron in Back Matter
- Applying General Equilibrium (Cambridge Surveys of Economic Literature) by John B. Shoven in Front Matter
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- Rational Expectations and Efficiency in Futures Markets by Barry Goss in Front Matter (1), Front Matter (2), and page 209
- Contributions to Financial Econometrics: Theoretical and Practical Issues (Surveys of Recent Research in Economics) by Michael McAleer on page 112, and page 117
- A Rational Expectations Approach to Macroeconometrics: Testing Policy Ineffectiveness and Efficient-Markets Models (National Bureau of Economic Research Monograph) by Frederic S. Mishkin on page 12, and Back Matter
- Idealization XII: Correcting the Model--Idealization and Abstraction in the Sciences (Poznań Studies in the Philosophy of the Sciences and the Humanities 86) by Martin R. Jones; Nancy Cartwright on page 32, and page 33
- The Cunning of Reason by Martin Hollis on page 103, and Back Matter
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