2nd Revised edition
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Rational Expectations by Steven M. Sheffrin
Book DescriptionEconomists 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. 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. All chapters of the second edition have been revised or expanded. New sections inter alia include material on learning, the rationality of reported expectations, alternative recent developments explicitly or implicitly using rational expectations, new tests of the Lucas critique, and models of noise trading. The book is written in a non-technical fashion for beginning graduate students and non-specialists.
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Book DetailsISBN: 9780521479394
(228mm x 152mm x 12mm)
Imprint: Cambridge University Press
Publisher: Cambridge University Press
Publish Date: 13-Jun-1996
Country of Publication: United Kingdom
Books By Author Steven M. Sheffrin
Tax Fairness and Folk Justice, Hardback (October 2013)
Demonstrates how a serious consideration of 'folk justice' can deepen our understanding of how tax systems function and how they can perhaps be reformed.
Property Taxes and Tax Revolts, Paperback (March 2007)
This book examines the causes and consequences of property tax revolts, focusing on California's experience with Proposition 13.
Rational Expectations, Hardback (June 1996)» View all books by Steven M. Sheffrin
This book develops the idea of rational expectations and surveys its use in economics today.
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