A Reader's Guide to Rational Expectations PDF Download

Author: Deborah A. Redman
Publisher: Edward Elgar Publishing
ISBN:
Category : Business & Economics
Languages : en
Pages : 214

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Book Description
The major purpose of this work is to make staying up to date with rational expectations (RE) easier for economists in government, academia and industry, as well as for students.

Author: William J. Bernstein
Publisher:
ISBN: 9780988780323
Category : Asset allocation
Languages : en
Pages : 214

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Book Description
Rational Expectations is a clean sheet of paper in the wonky world of quantitatively based asset allocation aimed at small investors. Continuing the theme of the Investing for Adults series, this full-length finance title is not for beginners, but rather assumes a fair degree of quantitative ability and finance knowledge. If you think you can time the market or pick stocks and mutual fund managers, or even if you think that you can formulate an optimally efficient mean-variance asset allocation with a black box, then learn some basic finance and come back in a few years. On the other hand, if you know your way around risk premiums and standard deviations and know who Irving Fisher and Benjamin Graham were, and if you want to sharpen your asset class skills, you've come to the right place.

Author: Roman Frydman
Publisher: Princeton University Press
ISBN: 0691261156
Category : Business & Economics
Languages : en
Pages : 368

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Book Description
Posing a major challenge to economic orthodoxy, Imperfect Knowledge Economics asserts that exact models of purposeful human behavior are beyond the reach of economic analysis. Roman Frydman and Michael Goldberg argue that the longstanding empirical failures of conventional economic models stem from their futile efforts to make exact predictions about the consequences of rational, self-interested behavior. Such predictions, based on mechanistic models of human behavior, disregard the importance of individual creativity and unforeseeable sociopolitical change. Scientific though these explanations may appear, they usually fail to predict how markets behave. And, the authors contend, recent behavioral models of the market are no less mechanistic than their conventional counterparts: they aim to generate exact predictions of "irrational" human behavior. Frydman and Goldberg offer a long-overdue response to the shortcomings of conventional economic models. Drawing attention to the inherent limits of economists' knowledge, they introduce a new approach to economic analysis: Imperfect Knowledge Economics (IKE). IKE rejects exact quantitative predictions of individual decisions and market outcomes in favor of mathematical models that generate only qualitative predictions of economic change. Using the foreign exchange market as a testing ground for IKE, this book sheds new light on exchange-rate and risk-premium movements, which have confounded conventional models for decades. Offering a fresh way to think about markets and representing a potential turning point in economics, Imperfect Knowledge Economics will be essential reading for economists, policymakers, and professional investors.

Author: J.R. Clark
Publisher: Academic Press
ISBN: 1483262928
Category : Business & Economics
Languages : en
Pages : 250

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Book Description
Study Guide to Accompany Gwartney, Stroup, and Clark's Essentials of Economics, Second Edition provides additional features which can be used as reference for students who are using the textbook "Essentials of Economics, Second Edition." The book sections contain self-tests and challenge questions which are so designed that the student who can answer the self-test questions will consistently be able to answer those found in the "Instructor's Manual and Test Bank." The text encourages the student to follow four steps to get the most out of the study guide. The student should follow these steps: (1) Actively participate in the learning process; (2) Seek out prompt, accurate feedback regarding what the student has learned; (3) Learn the relevance of the concepts; and (4) Learn to address economic issues and policies critically. The book covers question topics, such as supply, demand, market process, public sector, aggregate demand, and equilibrium in a simple Keynesian model. The book also deals with questions and problems on skill acquisition, job market, and gains from international trade. The text will be a valuable aid to many students of economics whether they are economics majors are just taking the subject as a requirement in another course. Professors and lecturers of economics and business courses will also benefit from it.

Author: Jonathan Michie
Publisher: Routledge
ISBN: 1135932263
Category : Social Science
Languages : en
Pages : 2166

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Book Description
This 2-volume work includes approximately 1,200 entries in A-Z order, critically reviewing the literature on specific topics from abortion to world systems theory. In addition, nine major entries cover each of the major disciplines (political economy; management and business; human geography; politics; sociology; law; psychology; organizational behavior) and the history and development of the social sciences in a broader sense.

Author: Bertrand M. Roehner
Publisher: Springer Science & Business Media
ISBN: 3642794793
Category : Business & Economics
Languages : en
Pages : 419

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Book Description
Book titles, because they are compromises between concision and precision, provide but an approximate description of real content. For this book an al ternative and more comprehensive title would be: An investigation of spatial arbitrage as an introduction to the theory of commodity markets: trade and space-time patterns of price fluctuations. In this title, both the specificities and the limitations of our approach are emphasized. Firstly, our approach con centrates on the basic mechanisms of spatial arbitrage, leaving aside a number of accessory facets of international trade such as the impact of quotas or of ex change rates. Secondly, for the sake of simplicity we restrict ourselves to single commodity markets; the interrelationship of different goods on multi-commodity markets are only occasionally mentioned. The previous restrictions, however drastic they may at first appear delimit and define what can be considered as the core of the process of trade and of spatial transactions. Having thus simplified the object of our study, we are able to tackle the problem in a systematic way and to model spatial differentials along with their relationships to the volume of trade both in eqUilibrium and in non-equilibrium situations. As far as the subtitle of the book is concerned, we shall postpone the discussion of what is meant by the expression "analytical economics" until the concluding chapter.

Author: William Darity
Publisher: Routledge
ISBN: 1134886233
Category : Business & Economics
Languages : en
Pages : 315

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Book Description
The concept of rational expectations has played a hugely important role in economics over the years. Dealing with the origins and development of modern approaches to expectations in micro and macroeconomics, this book makes use of primary sources and previously unpublished material from such figures as Hicks, Hawtrey and Hart. The accounts of the '

Author: Michael Carter
Publisher: Springer
ISBN: 1349176443
Category : Business & Economics
Languages : en
Pages : 176

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Book Description

Author: William K. Tabb
Publisher: Routledge
ISBN: 1134621647
Category : Business & Economics
Languages : en
Pages : 296

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Book Description
This volume offers an original perspective on the questions the great economists have asked and looks at their significance for todays world. Written in a provocative and accessible style, it examines how the diverse traditions of political economy have conceptualised economic issues, events and theory. Going beyond the orthodoxies of mainstream economics it shows the relevance of political economy to the debates on the economic meaning of our times. Reconstructing Political Economy is a timely and thought-provoking contribution to a political economy for our time. In this light it offers fresh insights into such issues as modern theories of growth, the historic relations between state and market and the significance of globalisation for modern societies.

Author: Thomas J. Sargent
Publisher: Princeton University Press
ISBN: 0691186685
Category : Business & Economics
Languages : en
Pages : 165

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Book Description
In the past fifteen years, inflation has been conquered by many advanced countries. History reveals, however, that it has been conquered before and returned. In The Conquest of American Inflation, Thomas J. Sargent presents a groundbreaking analysis of the rise and fall of U.S. inflation after 1960. He examines two broad explanations for the behavior of inflation and unemployment in this period: the natural-rate hypothesis joined to the Lucas critique and a more traditional econometric policy evaluation modified to include adaptive expectations and learning. His purpose is not only to determine which is the better account, but also to codify for the benefit of the next generation the economic forces that cause inflation. Sargent begins with an explanation of how American policymakers increased inflation in the early 1960s by following erroneous assumptions about the exploitability of the Phillips curve--the inverse relationship between inflation and unemployment. In subsequent chapters, he connects a sequence of ideas--self-confirming equilibria, least-squares and other adaptive or recursive learning algorithms, convergence of least-squares learners with self-confirming equilibria, and recurrent dynamics along escape routes from self-confirming equilibria. Sargent synthesizes results from macroeconomics, game theory, control theory, and other fields to extend both adaptive expectations and rational expectations theory, and he compellingly describes postwar inflation in terms of drifting coefficients. He interprets his results in favor of adaptive expectations as the relevant mechanism affecting inflation policy. Providing an original methodological link between theoretical and policy economics, this book will engender much debate and become an indispensable text for academics, graduate students, and professional economists.