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Rational Expectations in Macroeconomic Models (Hardcover, 1992 ed.) Loot Price: R4,413
Discovery Miles 44 130
Rational Expectations in Macroeconomic Models (Hardcover, 1992 ed.): P. Fisher

Rational Expectations in Macroeconomic Models (Hardcover, 1992 ed.)

P. Fisher

Series: Advanced Studies in Theoretical and Applied Econometrics, 26

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Loot Price R4,413 Discovery Miles 44 130 | Repayment Terms: R414 pm x 12*

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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
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LSN: 0-7923-1903-6
Barcode: 9780792319030

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