Synopsis
The papers in this volume provide a complex view of market processes.
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Revue de presse
'I recommend the book to economists interested in rational expectations for their own reading and for required reading in the graduate courses they teach.' Journal of Economic Literature
'After reading this excellent, stimulating book the uncommitted reader may well feel that there are several logical or methodological problems which imply that the usual class of models which embodies the rational expectations hypothesis is unattractive as a basis for some form of economic analysis, in particular, macroeconomic policy design ... I suspect that the concept of model theoretic expectations will generate useful insights in the modelling of expectations in a number of areas such as asset markets or arbitrage process. It naturally leads to a consideration of expectations generated as some weighted average of different models. I greatly enjoyed this book and can strongly recommend it.' The Economic Journal
Présentation de l'éditeur
Growing out of a conference on Expectations Formation and Economic Disequilibrium held in New York City in 1981, the papers in this volume provide a complex view of market processes in which individual rationality is no guarantee of convergence to the 'correct' model and the equilibrium coordination of agents' plans. They reject the 'optimality' argument for the rational expectations hypothesis, opening the door to other hypotheses of optimal expectations of agents in the decentralized market economy.
Les informations fournies dans la section « A propos du livre » peuvent faire référence à une autre édition de ce titre.
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Individual Forecasting and Aggregate Outcomes: 'Rational Expectations' Examined
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Cambridge University Press, 1984
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ISBN 13 : 9780521257442
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Etat : good. A copy that has been read, remains in good condition. All pages are intact, and the cover is intact. The spine and cover show signs of wear. Pages can include notes and highlighting and show signs of wear, and the copy can include "From the library of" labels or previous owner inscriptions. 100% GUARANTEE! Shipped with delivery confirmation, if you're not satisfied with purchase please return item! Ships via media mail. N° de réf. du vendeur OTV.0521257441.G
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Individual Forecasting and Aggregate Outcomes : "Rational Expectations" Examined
Edité par
Cambridge University Press, 1984
ISBN 10 : 0521257441
ISBN 13 : 9780521257442
Ancien ou d'occasion
Couverture rigide
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Individual Forecasting and Aggregate Outcomes: 'Rational Expectations' Examined
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Cambridge University Press, New York, 1983
ISBN 10 : 0521257441
ISBN 13 : 9780521257442
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Hard cover. First edition. Sewn binding. Cloth over boards. 256 p. Audience: General/trade. Very good in very good dust jacket. light shelfwear to the jacket, po name on first page. N° de réf. du vendeur Alibris.0028085
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Individual forecasting and aggregate outcomes : "rational expectations" examined. Ex-Library.
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Cambridge University Press, Cambridge, UK., &c., 1983
ISBN 10 : 0521257441
ISBN 13 : 9780521257442
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Hardcover. Etat : Good. No Jacket. ix, 238 p. N° de réf. du vendeur GU3712
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Individual forecasting and aggregate outcomes: 'Rational expectations' examined.
Edité par
Cambridge, etc.: Cambridge University Press, 1983., 1983
ISBN 10 : 0521257441
ISBN 13 : 9780521257442
Ancien ou d'occasion
Couverture rigide
Edition originale
Vendeur : Ted Kottler, Bookseller, Redondo Beach, CA, Etats-Unis
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Hardcover. Etat : Fine. Etat de la jaquette : Fine. 1st Edition. ix, 238 pp. Original cloth. Some neat ink underlining on pp. 2-7, 9, else Near Fine, in near fine dust jacket. Out of print in cloth; in print in paperback at US$43.00. Edmund S. Phelps: Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, 2006, 'for his analysis of intertemporal tradeoffs in macroeconomic policy.' 'Last but not least, positing rational expectations equilibrium is not just inaccurate as a way to close the model in the same sense as postulating rational choice is taken to be inaccurate: It is inappropriate to impose on the model. In a highly innovative economy and thus one subject to change, firms even firms in the same industry and location are all thinking differently. So a firm would have no grounds to reason, as it implicitly does in rational-expectations theory, that 'since I have calculated I must raise my wages by x percent, I should now take into account that my competitors are planning to do the same; so I must now adjust my wage increase even more .' This kind of inductive reasoning to arrive at the right expectations is inapplicable. That is the thesis of my piece (Phelps, 1983) in the Frydman-Phelps volume [offered here]' (Phelps, 'Macroeconomics for a Modern Economy', Nobel Lecture, Dec. 8, 2006). Contents: Preface; 1. Introduction Roman Frydman and Edmund S. Phelps; 2. The trouble with 'rational expectations' and the problem of inflation stabilization Edmund S. Phelps; Comment Phillip Cagan; 3. Expectations of others' expectations and the transitional nonneutrality of fully believed systematic monetary policy Juan Carlos Di Tata; Comment Clive Bull; 4. The stability of rational expectations in macroeconomic models George Evans; Comment Guillermo A. Calvo; 5. Individual rationality, decentralization, and the rational expectations hypothesis Roman Frydman; 6. Convergence to rational expectations equilibrium Margaret Bray; Comment Roy Radner; 7. A distinction between the unconditional expectational equilibrium and the rational expectations equilibrium Roman Frydman; 8. On mistaken beliefs and resultant equilibria Alan Kirman; Comment Jerry Green; 9. Equilibrium theory with learning and disparate expectations: some issues and methods Robert M. Townsend; Comment John B. Taylor; 10. Keynesianism, monetarism, and rational expectations: some reflections and conjectures Axel Leijonhufvud; Comment Frank Hahn; Index. N° de réf. du vendeur 18356
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Image d'archives
Individual forecasting and aggregate outcomes: 'Rational expectations' examined.
Edité par
Cambridge, etc.: Cambridge University Press, 1983., 1983
ISBN 10 : 0521257441
ISBN 13 : 9780521257442
Ancien ou d'occasion
Couverture rigide
Edition originale
Vendeur : Ted Kottler, Bookseller, Redondo Beach, CA, Etats-Unis
Évaluation du vendeur 4 sur 5 étoiles
Hardcover. Etat : Fine. Etat de la jaquette : Fine. 1st Edition. ix, 238 pp. Original cloth. Signature of former owner on front flyleaf, else Near Fine, in near fine dust jacket. Out of print in cloth; in print in paperback at US$43.00. Edmund S. Phelps: Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, 2006, 'for his analysis of intertemporal tradeoffs in macroeconomic policy.' 'Last but not least, positing rational expectations equilibrium is not just inaccurate as a way to close the model in the same sense as postulating rational choice is taken to be inaccurate: It is inappropriate to impose on the model. In a highly innovative economy and thus one subject to change, firms even firms in the same industry and location are all thinking differently. So a firm would have no grounds to reason, as it implicitly does in rational-expectations theory, that 'since I have calculated I must raise my wages by x percent, I should now take into account that my competitors are planning to do the same; so I must now adjust my wage increase even more .' This kind of inductive reasoning to arrive at the right expectations is inapplicable. That is the thesis of my piece (Phelps, 1983) in the Frydman-Phelps volume [offered here]' (Phelps, 'Macroeconomics for a Modern Economy', Nobel Lecture, Dec. 8, 2006). Contents: Preface; 1. Introduction Roman Frydman and Edmund S. Phelps; 2. The trouble with 'rational expectations' and the problem of inflation stabilization Edmund S. Phelps; Comment Phillip Cagan; 3. Expectations of others' expectations and the transitional nonneutrality of fully believed systematic monetary policy Juan Carlos Di Tata; Comment Clive Bull; 4. The stability of rational expectations in macroeconomic models George Evans; Comment Guillermo A. Calvo; 5. Individual rationality, decentralization, and the rational expectations hypothesis Roman Frydman; 6. Convergence to rational expectations equilibrium Margaret Bray; Comment Roy Radner; 7. A distinction between the unconditional expectational equilibrium and the rational expectations equilibrium Roman Frydman; 8. On mistaken beliefs and resultant equilibria Alan Kirman; Comment Jerry Green; 9. Equilibrium theory with learning and disparate expectations: some issues and methods Robert M. Townsend; Comment John B. Taylor; 10. Keynesianism, monetarism, and rational expectations: some reflections and conjectures Axel Leijonhufvud; Comment Frank Hahn; Index. N° de réf. du vendeur 18374
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