Assessing Rational Expectations
Title | Assessing Rational Expectations PDF eBook |
Author | R. Guesnerie |
Publisher | Mit Press |
Pages | 319 |
Release | 2001 |
Genre | Business & Economics |
ISBN | 9780262072076 |
Roger Guesnerie contributes to the critical assessment of the Rational Expectations hypothesis (REH).
Assessing Rational Expectations 2
Title | Assessing Rational Expectations 2 PDF eBook |
Author | Roger Guesnerie |
Publisher | MIT Press |
Pages | 498 |
Release | 2005-02-18 |
Genre | Business & Economics |
ISBN | 9780262262903 |
A theoretical assessment of the Rational Expectations Hypothesis through subjecting a collection of economic models to an "eductive stability" test. The rational expectations hypothesis (REH) dominates economic modeling in areas ranging from monetary theory, macroeconomics, and general equilibrium to finance. In this book, Roger Guesnerie continues the critical analysis of the REH begun in his Assessing Rational Expectations: Sunspot Multiplicity and Economic Fluctuations, which dealt with the questions raised by multiplicity and its implications for a theory of endogenous fluctuations. This second volume emphasizes "eductive" learning: relying on careful reasoning, agents must deduce what other agents guess, a process that differs from the standard evolutionary learning experience in which agents make decisions about the future based on past experiences. A broad "eductive" stability test is proposed that includes common knowledge and results in a unique "rationalizable expectations equilibrium." This test provides the basis for Guesnerie's theoretical assessment of the plausibility of the REH's expectational coordination, emphasizing, for different categories of economic models, conditions for the REH's success or failure. Guesnerie begins by presenting the concepts and methods of the eductive stability analysis in selected partial equilibrium models. He then explores to what extent general equilibrium strategic complementarities interfere with partial equilibrium considerations in the formation of stable expectations. Guesnerie next examines two issues relating to eductive stability in financial market models, speculation and asymmetric price information. The dynamic settings of an infinite horizon model are then taken up, and particular standard and generalized saddle-path solutions are scrutinized. Guesnerie concludes with a review of general questions and some "cautious" remarks on the policy implications of his analysis.
The Evolving Rationality of Rational Expectations
Title | The Evolving Rationality of Rational Expectations PDF eBook |
Author | Esther-Mirjam Sent |
Publisher | Cambridge University Press |
Pages | 254 |
Release | 1998-08-13 |
Genre | Business & Economics |
ISBN | 0521571642 |
This book analyses the historical evolution of rational expectations by focusing on the changing ideas of Thomas Sargent.
The Rational Expectations Hypothesis
Title | The Rational Expectations Hypothesis PDF eBook |
Author | Ivan H. Ayala |
Publisher | |
Pages | 29 |
Release | 2014 |
Genre | Rational expectations (Economic theory) |
ISBN |
Assessing Rational Expectations 2
Title | Assessing Rational Expectations 2 PDF eBook |
Author | R. Guesnerie |
Publisher | Mit Press |
Pages | 455 |
Release | 2005 |
Genre | Business & Economics |
ISBN | 9780262072588 |
A theoretical assessment of the Rational Expectations Hypothesis through subjecting a collection of economic models to an "eductive stability" test.
Assessing Rational Expectations
Title | Assessing Rational Expectations PDF eBook |
Author | Roger Guesnerie |
Publisher | MIT Press |
Pages | 350 |
Release | 2001-04-13 |
Genre | Business & Economics |
ISBN | 9780262262798 |
Roger Guesnerie contributes to the critical assessment of the Rational Expectations hypothesis (REH). In this book Roger Guesnerie contributes to the critical assessment of the Rational Expectations hypothesis (REH). He focuses on the multiplicity question that arises in (infinite horizon) Rational Expectation models and considers the implications for a theory of endogenous fluctuations. The REH, which dominates the economic modeling of expectations in most fields of formalized economic theory, is often associated with an optimistic view of the working of the markets—a view that Guesnerie scrutinizes closely. The book is divided into four parts. The first part uses the framework of simple models to characterize the stochastic processes that trigger self-fulfilling prophecies and examines the connections between periodic equilibria (cycles) and stochastic equilibria (sunspots). (A sunspot is a random shock uncorrelated with underlying economic fundamentals.) The second part views sunspot equilibria as overreactions triggered by small variations of intrinsic variables—rather than as fluctuations with no trigger—and looks at the consequences for a monetary theory à la Lucas. The third part develops the basic theory to encompass more complex, multidimensional systems. It focuses in particular on the special class of equilibria generating small fluctuations around a steady state. Broadening the scope, the fourth part looks at the stability of cycles, sunspots in systems with memory, and current research on rational expectations.
Rational Expectations
Title | Rational Expectations PDF eBook |
Author | Gerardus Blokdyk |
Publisher | Createspace Independent Publishing Platform |
Pages | 132 |
Release | 2018-01-13 |
Genre | |
ISBN | 9781983828959 |
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