Rational Expectations in Macroeconomic Models

Name: Rational Expectations in Macroeconomic Models
Brand: Springer
SKU: 9789048141883
Price: 3937 CZK
Availability: InStock

Autor: P. Fisher

Jazyk:

Vazba: Brožovaná

Vydavatel: Springer

Dostupnost: Skladem u dodavatele v malém množství

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3 937 Kč

It is commonly believed that macroeconomic models are not useful for policy analysis because they do...

Informace o knize

Autor

P. Fisher

Jazyk

Angličtina

Vazba

Kniha - Brožovaná

Vydáno

2010

Stránek

211

EAN

9789048141883

ISBN

9048141885

Enbook ID

02109824

Vydavatel

Springer

Hmotnost

355

Rozměry

155 x 235 x 13

Kompletní popis

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.

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