Rational Expectations Econometrics

Author:   Lars Peter Hansen ,  Thomas Sargent
Publisher:   Taylor & Francis Ltd
ISBN:  

9780367285012


Pages:   294
Publication Date:   09 September 2019
Format:   Hardback
Availability:   In Print   Availability explained
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Rational Expectations Econometrics


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Overview

At the core of the rational expectations revolution is the insight that economic policy does not operate independently of economic agents' knowledge of that policy and their expectations of the effects of that policy. This means that there are very complicated feedback relationships existing between policy and the behaviour of economic agents, and these relationships pose very difficult problems in econometrics when one tries to exploit the rational expectations insight in formal economic modelling. This volume consists of work by two rational expectations pioneers dealing with the nuts and bolts problems of modelling the complications introduced by rational expectations. Each paper deals with aspects of the problem of making inferences about parameters of a dynamic economic model on the basis of time series observations. Each exploits restrictions on an econometric model imposed by the hypothesis that agents within the model have rational expectations.

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Author:   Lars Peter Hansen ,  Thomas Sargent
Publisher:   Taylor & Francis Ltd
Imprint:   CRC Press
Weight:   0.721kg
ISBN:  

9780367285012


ISBN 10:   0367285010
Pages:   294
Publication Date:   09 September 2019
Audience:   College/higher education ,  Tertiary & Higher Education
Format:   Hardback
Publisher's Status:   Active
Availability:   In Print   Availability explained
This item will be ordered in for you from one of our suppliers. Upon receipt, we will promptly dispatch it out to you. For in store availability, please contact us.

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Lars Peter Hansen, University of Chicago. Thomas J. Sargent is Donald Lucas Professor of Economics at Stanford University and Senior Fellow at the Hoover Institution. A pioneer of the rational expectations school of macroeconomics, he is the author of The Conquest of American Inflation (Princeton), Bounded Rationality in Macroeconomics , and Dynamic Macroeconomic Theory .

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