304 Pages
by
CRC Press
294 Pages
by
CRC Press
294 Pages
by
CRC Press
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At the core of the rational expectations revolution is the insight that economic policy does not operate independently of economic agents' knowledge of that policy and their expectations of the effects of that policy. This means that there are very complicated feedback relationships existing between policy and the behaviour of economic agents, and these relationships pose very difficult problems... Read more
Exact linear rational expectations models; identification of continuous time rational expectations models from discrete time data; two difficulties with interpreting vector auto-regressions.
Biography
Lars Peter Hansen, University of Chicago. Thomas J. Sargent is Donald Lucas Professor of Economics at Stanford University and Senior Fellow at the Hoover Institution. A pioneer of the rational expectations school of macroeconomics, he is the author of "The Conquest of American Inflation" (Princeton), "Bounded Rationality in Macroeconomics", and "Dynamic Macroeconomic Theory".
