It is commonly believed that macroeconomic models are not useful
for policy analysis because they do not take proper account of
agents' expectations. Over the last decade, mainstream
macroeconomic models in the UK and elsewhere have taken on board
the Rational Expectations Revolution' by explicitly incorporating
expectations of the future. In principle, one can perform the same
technical exercises on a forward expectations model as on a
conventional model -- and more! Rational Expectations in
Macroeconomic Models deals with the numerical methods necessary to
carry out policy analysis and forecasting with these models. These
methods are often passed on by word of mouth or confined to obscure
journals. Rational Expectations in Macroeconomic Models brings them
together with applications which are interesting in their own
right. There is no comparable textbook in the literature. The
specific subjects include: (i) solving for model consistent
expectations; (ii) the choice of terminal condition and time
horizon; (iii) experimental design: i.e., the effect of temporary
vs permanent, anticipated vs. unanticipated shocks; deterministic
vs. stochastic, dynamic vs. static simulation; (iv) the role of
exchange rate; (v) optimal control and inflation-output tradeoffs.
The models used are those of the Liverpool Research Group in
Macroeconomics, the London Business School and the National
Institute of Economic and Social Research.
General
| Imprint: |
Springer
|
| Country of origin: |
Netherlands |
| Series: |
Advanced Studies in Theoretical and Applied Econometrics, 26 |
| Release date: |
August 1992 |
| First published: |
August 1992 |
| Authors: |
P. Fisher
|
| Dimensions: |
234 x 156 x 14mm (L x W x T) |
| Format: |
Hardcover
|
| Pages: |
211 |
| Edition: |
1992 ed. |
| ISBN-13: |
978-0-7923-1903-0 |
| Categories: |
Books >
Business & Economics >
Economics >
Econometrics >
General
|
| LSN: |
0-7923-1903-6 |
| Barcode: |
9780792319030 |
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