"Rational Expectations and Econometric Practice " was first
published in 1981. Minnesota Archive Editions uses digital
technology to make long-unavailable books once again accessible,
and are published unaltered from the original University of
Minnesota Press editions.
Assumptions about how people form expectations for the future
shape the properties of any dynamic economic model. To make
economic decisions in an uncertain environment people must forecast
such variables as future rates of inflation, tax rates, government
subsidy schemes and regulations. The doctrine of rational
expectations uses standard economic methods to explain how those
expectations are formed.
This work collects the papers that have made significant
contributions to formulating the idea of rational expectations.
Most of the papers deal with the connections between observed
economic behavior and the evaluation of alternative economic
policies.
Robert E. Lucas, Jr., is professor of economics at the
University of Chicago. Thomas J. Sargent is professor of economics
at the University of Minnesota and adviser to the Federal Reserve
Bank of Minnesota.
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