Learning and Expectations in Macroeconomics - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Learning and Expectations in Macroeconomics write by George W. Evans. This book was released on 2012-01-06. Learning and Expectations in Macroeconomics available in PDF, EPUB and Kindle. A crucial challenge for economists is figuring out how people interpret the world and form expectations that will likely influence their economic activity. Inflation, asset prices, exchange rates, investment, and consumption are just some of the economic variables that are largely explained by expectations. Here George Evans and Seppo Honkapohja bring new explanatory power to a variety of expectation formation models by focusing on the learning factor. Whereas the rational expectations paradigm offers the prevailing method to determining expectations, it assumes very theoretical knowledge on the part of economic actors. Evans and Honkapohja contribute to a growing body of research positing that households and firms learn by making forecasts using observed data, updating their forecast rules over time in response to errors. This book is the first systematic development of the new statistical learning approach. Depending on the particular economic structure, the economy may converge to a standard rational-expectations or a "rational bubble" solution, or exhibit persistent learning dynamics. The learning approach also provides tools to assess the importance of new models with expectational indeterminacy, in which expectations are an independent cause of macroeconomic fluctuations. Moreover, learning dynamics provide a theory for the evolution of expectations and selection between alternative equilibria, with implications for business cycles, asset price volatility, and policy. This book provides an authoritative treatment of this emerging field, developing the analytical techniques in detail and using them to synthesize and extend existing research.
Learning and Expectations in Macroeconomics
Learning and Expectations in Macroeconomics - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Learning and Expectations in Macroeconomics write by George W. Evans. This book was released on 2001-01-28. Learning and Expectations in Macroeconomics available in PDF, EPUB and Kindle. A crucial challenge for economists is to figure out how people interpret the world and form expectations that are likely to influence their economic activity. This work examines a variety of expectation formation models by focusing on the learning factor.
Rational Expectations
Rational Expectations - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Rational Expectations write by Steven M. Sheffrin. This book was released on 1996-06-13. Rational Expectations available in PDF, EPUB and Kindle. This book develops the idea of rational expectations and surveys its use in economics today.
A Rational Expectations Approach to Macroeconometrics
A Rational Expectations Approach to Macroeconometrics - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook A Rational Expectations Approach to Macroeconometrics write by Frederic S. Mishkin. This book was released on 2007-11-01. A Rational Expectations Approach to Macroeconometrics available in PDF, EPUB and Kindle. A Rational Expectations Approach to Macroeconometrics pursues a rational expectations approach to the estimation of a class of models widely discussed in the macroeconomics and finance literature: those which emphasize the effects from unanticipated, rather than anticipated, movements in variables. In this volume, Fredrick S. Mishkin first theoretically develops and discusses a unified econometric treatment of these models and then shows how to estimate them with an annotated computer program.
Inflation Expectations
Inflation Expectations - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Inflation Expectations write by Peter J. N. Sinclair. This book was released on 2009-12-16. Inflation Expectations available in PDF, EPUB and Kindle. Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.
