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 in econometrics when one tries to exploit the rational
expectations insight in formal economic modelling. This volume
consists of work by two rational expectations pioneers dealing with
the "nuts and bolts" problems of modelling the complications
introduced by rational expectations. Each paper deals with aspects
of the problem of making inferences about parameters of a dynamic
economic model on the basis of time series observations. Each
exploits restrictions on an econometric model imposed by the
hypothesis that agents within the model have rational expectations.
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