Title
Rational Expectations And Econometric Practice, Volume 2,Used
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Assumptions about how people form expectations for the future shape the properties of any dynamic economic model. To make economic decisions in an uncertain environment people must forecast such variables as future rates of inflation, tax rates, government subsidy schemes and regulations. The doctrine of rational expectations uses standard economic methods to explain how those expectations are formed. It assumes that people form expectations in an optimal way, given their limited information and all of the uncertainties of the environment. This work collects the papers that have made significant contributions to formulating the idea of rational expectations. Selections range from John F. Muth's classic essays of the early sixties to unpublished research of Muth, Gregory Chow, Robert E. Lucas, and Lars P. Hansen and Thomas J. Sargent. Most of the papers deal with the connections between observed economic behavior and the evaluation of alternative economic policies. The editors have focused on work that will be valuable for applied economists who are interested in constructing and estimating econometric models. Their introductory essay unifies the collection and explains the relationship among various aspects of work in rational expectations theory. This collection thus presents a valuable record of the development of the concept as well as an overview of current work in the field. Contributors besides the editors and those mentioned above are: Edward C. Prescott, Neil Wallace, Robert J. Barro, Stanley Fischer, B.T. McCallum, Kenneth F. Wallis, C. W. J. Granger, Christopher A. Sims, Robert E. Hall, F. E. Kydland, Guillermo A. Calvo, and John B. Taylor. The paperback edition of this work is bound as two volumes. Volume I contains the editors' introduction and covers the topics of Implications of Rational Expectations for Time Series, Macroeconomic Policy, and Econometric Methods. Volume II discusses the subjects of General Applications, Testing for Neutralit
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Frequently Asked Questions
- Q: What is the main focus of 'Rational Expectations and Econometric Practice, Volume 2'? A: The book primarily explores how assumptions about people's expectations for the future influence dynamic economic models, emphasizing the doctrine of rational expectations.
- Q: Who is the author of this book? A: The author of 'Rational Expectations and Econometric Practice, Volume 2' is Robert E. Lucas Jr.
- Q: What topics are covered in Volume II? A: Volume II discusses general applications of rational expectations and testing for neutrality, among other related subjects.
- Q: How many pages does this book have? A: The book has a total of 340 pages.
- Q: What edition of the book is available? A: The paperback edition of this work is currently available.
- Q: Is this book suitable for applied economists? A: Yes, the book is valuable for applied economists interested in constructing and estimating econometric models.
- Q: What is the publication date of this book? A: The book was published on November 13, 1981.
- Q: What is the condition of the book? A: The book is listed as 'New'.
- Q: What are some key contributions discussed in the book? A: The book includes significant contributions from economists such as John F. Muth, Robert E. Lucas, and Thomas J. Sargent, focusing on the connections between economic behavior and policy evaluation.
- Q: Does this book include an introductory essay? A: Yes, the introductory essay unifies the collection and explains the relationship among various aspects of rational expectations theory.