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Item Details
| Title:
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RATIONAL EXPECTATIONS IN MACROECONOMIC MODELS
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| By: |
P. Fisher |
| Format: |
Hardback |
| List price:
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£179.99 |
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We currently do not stock this item, please contact the publisher directly for
further information.
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| ISBN 10: |
0792319036 |
| ISBN 13: |
9780792319030 |
| Publisher: |
SPRINGER |
| Pub. date: |
20 August, 1992 |
| Edition: |
1992 ed. |
| Series: |
Advanced Studies in Theoretical and Applied Econometrics 26 |
| Pages: |
211 |
| Description: |
It is commonly believed that macroeconomic models are not useful for policy analysis because they do not take proper account of agents' expectations. This book deals with the numerical methods necessary to carry out policy analysis and forecasting with these models. |
| Synopsis: |
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. |
| Illustrations: |
VIII, 211 p. |
| Publication: |
Netherlands |
| Imprint: |
Springer |
| Returns: |
Returnable |
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