Rational Expectations by Steven M. Sheffrin
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Rational Expectations
By Steven M. Sheffrin

Rational Expectations

2nd Revised edition

By (author) See other recent books by Steven M. Sheffrin
Series edited by John Pencavel See other recent books by John Pencavel
Format: Paperback

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Rational Expectations by Steven M. Sheffrin

Book Description

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. 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 Details

ISBN: 9780521479394
ISBN-10: 0521479398
Format: Paperback
(228mm x 152mm x 12mm)
Pages: 200
Imprint: Cambridge University Press
Publisher: Cambridge University Press
Publish Date: 13-Jun-1996
Country of Publication: United Kingdom

Other Editions...


Books By Author Steven M. Sheffrin

Tax Fairness and Folk Justice by 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 by Steven M. Sheffrin 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 by Steven M. Sheffrin Rational Expectations, Hardback (June 1996)

This book develops the idea of rational expectations and surveys its use in economics today.

» View all books by Steven M. Sheffrin

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