Rational expectations macroeconomics : an introductory handbook

Author(s)

Bibliographic Information

Rational expectations macroeconomics : an introductory handbook

Patrick Minford

Blackwell, 1992

2nd ed

  • : hard
  • : pbk

Available at  / 56 libraries

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Note

Revision of: Rational expectations and the new macroeconomics. 1983

Includes bibliographical references (p. [228]-238) and index

Description and Table of Contents

Volume

: hard ISBN 9780631177876

Description

This new edition of an established text represents a practical introduction to the principles and applications of Rational Expectations (RE) methods in macroeconomics for third-year undrgraduates and postgraduates. In his book, the author sets out to provide a basic working knowledge of the Rational Expectations Hypothesis (REH) by demonstrating in full various methods for solving RE models. The book then deals with policies and issues frequently encountered when applying these models including stabilization policy, fiscal policy, the political economy of democracy and the Phillips curve. Finally, the author turns to methods of testing the REH. By the end of the book, students should be able to apply RE models to any given economy they are concerned with. Professor Minford has updated the text extensively and has included new chapters on representative agent models (increasingly used in applied forecasting and policy analysis) and modelling the open economy. In the decade since the first edition was written, the REH has become much more influential in economics. The author's introductory and concluding chapters place the REH research programme in its historical context, assess the current state of the debate and look ahead to future research in this important subject.

Table of Contents

  • Introductory ideas
  • solving rational expectations models
  • partial information and signal extraction
  • stabilization policy
  • problems in choosing optimal policies
  • budget deficits and their financing
  • the political economy of democracy
  • the macroeconomics of an open economy
  • representative agent models in cashless economies
  • money in representative agent models
  • testing the rational expectations hypothesis
  • interpreting the evidence - the problem of observational equivalence
  • direct tests of rational expectations.
Volume

: pbk ISBN 9780631177883

Description

Rational Expectations Macroeconomics is the second edition of Rational Expectations and the New Macroeconomics by Patrick Minford and David Peel. Under the sole authorship of Profesor Minford, this new dition represents a practical introduction to the principles and applications of rational expectations (RE) methods in macroeconomics for third year undergraduates and postgraduates. The author sets out to provide a basic working knowledge of the Rational Expectations Hypothesis (REH) by demonstrating in full various methods for solving RE models. The book then deals with policies and issues frequently encountered when applying these models including: stabilization policy, fiscal policy, the political economy of democracy and the Phillips curve. Finally, the author turns to methods of testing the REH. By the end of the book, students should be in a position to apply RE models to whatever economy they are concerned with. Professor Minford has updated the text extensively and included new chapters on representatitve agent models (increasingly used in a applied forecasting and policy analysis) and modelling the open economy. In the decade since the first edition of this classic text was written, the economics profession's respect for the REH has only increased. The author's introductory and concluding chapters place the REH research programme in its historical context, assess the current state of the debate and look ahead to future research in this important subject.

Table of Contents

  • Introductory ideas
  • solving rational expectations models
  • partial information and signal extraction
  • stabilization policy
  • problems in choosing optimal policies
  • budget deficits and their financing
  • the political economy of democracy
  • the macroeconomics of an open economy
  • representative agent models in cashless economies
  • money in representative agent models
  • testing the rational expectations hypothesis
  • interpreting the evidence - the problem of observational equivalence
  • direct tests of rational expectations.

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