One of the major controversies in macroeconomics over the last
30 years has been that on the effectiveness of stabilization
policies. However, this debate, between those who believe that this
kind of policies is useless if not harmful and those who argue in
favor of it, has been mainly theoretical so far.
The Rational Expectation Hypothesis, Time-Varying Parameters and
Adaptive Control wants to represent a step toward the construction
of a common ground on which to empirically compare the two
"beliefs" and to do this three strands of literature are brought
together. The first strand is the research on time-varying
parameters (TVP), the second strand is the work on adaptive control
and the third one is the literature on linear stationary models
with rational expectations (RE).
The material presented in The Rational Expectation Hypothesis,
Time-Varying Parameters and Adaptive Control is divided into two
parts. Part 1 combines the strand of literature on adaptive control
with that on TVP. It generalizes the approach pioneered by Tse and
Bar-Shalom (1973) and Kendrick (1981) and one recently used in
Amman and Kendrick (2002), where the law of motion of the TVP and
the hyperstructural parameters are assumed known, to the case where
the hyperstructural parameters are assumed unknown. Part 2 is
devoted to the linear single-equation stationary RE model estimated
with the error-in-variables (EV) method. It presents a new
formulation of this problem based on the use of TVP in an EV model.
This new formulation opens the door to a very promising
development. All the theory developed in the first part to control
a model with TVP can sic et simpliciter be applied to control a
model with RE.
General
| Imprint: |
Springer
|
| Country of origin: |
Netherlands |
| Series: |
Advances in Computational Economics, 19 |
| Release date: |
2005 |
| First published: |
November 2004 |
| Authors: |
Marco P Tucci
|
| Dimensions: |
235 x 155 x 17mm (L x W x T) |
| Format: |
Hardcover
|
| Pages: |
262 |
| Edition: |
2004 ed. |
| ISBN-13: |
978-0-7923-7484-8 |
| Categories: |
Books >
Business & Economics >
Economics >
Economic theory & philosophy
|
| LSN: |
0-7923-7484-3 |
| Barcode: |
9780792374848 |
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