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Look Inside Rational Expectations

Rational Expectations

2nd Edition

£72.00

Part of Cambridge Surveys of Economic Literature

  • Date Published: August 1996
  • availability: Available
  • format: Hardback
  • isbn: 9780521474009

£ 72.00
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About the Authors
  • Economists have developed models in which individuals form expectations of key variables in a 'rational' manner such that these expectations are consistent with actual economic environments. Professor Sheffrin first explores the logical foundation of the concept and the case for employing it in economic analysis. Subsequent chapters investigate its use in macroeconomics, financial markets, and microeconomics. A final chapter assesses its impact on theoretical and empirical work in economics and policy arenas. The author argues that while rational expectations are still central to macroeconomic policy debates, fully workable models have not yet been devised, and offers reasons for the lack of practical and conceptual progress. All chapters of the second edition have been revised or expanded. New sections inter alia include material on learning, the rationality of reported expectations, alternative recent developments explicitly or implicitly using rational expectations, new tests of the Lucas critique, and models of noise trading. The book is written in a non-technical fashion for beginning graduate students and non-specialists.

    • Revised and expanded update of one of the best sellers in the Cambridge Surveys in Economic Literature series (over 13,000 HC+PB)
    • Author praised in 1st edition for his making difficult technical models and empirical work accessible; 2nd edition is no less readable
    • Last edition well acclaimed by the profession
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    Product details

    • Edition: 2nd Edition
    • Date Published: August 1996
    • format: Hardback
    • isbn: 9780521474009
    • length: 200 pages
    • dimensions: 235 x 156 x 16 mm
    • weight: 0.44kg
    • contains: 16 b/w illus.
    • availability: Available
  • Table of Contents

    Preface
    Preface to the first edition
    1. The concept of rational expectations
    2. Inflation and unemployment
    3. Further topics in macroeconomics
    4. Efficient markets and rational expectations
    5. Empirical microeconomic models
    6. Rational expectations in practice
    References
    Index.

  • Author

    Steven M. Sheffrin, University of California, Davis

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