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Rethinking expectations : the way forward for macroeconomics

Author: Roman Frydman; Edmund S Phelps
Publisher: Princeton : Princeton University Press, ©2013.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
"This book originated from a 2010 conference marking the fortieth anniversary of the publication of the landmark "Phelps volume," Microeconomic Foundations of Employment and Inflation Theory, a book that is often credited with pioneering the currently dominant approach to macroeconomic analysis. However, in their provocative introductory essay, Roman Frydman and Edmund Phelps argue that the vast majority of  Read more...
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Genre/Form: Ressources Internet
Additional Physical Format: Version imprimée :
Rethinking expectations.
Princeton : Princeton University Press, ©2013
(DLC) 2012030492
(OCoLC)808007427
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Roman Frydman; Edmund S Phelps
ISBN: 9781400846450 1400846455
OCLC Number: 987319350
Description: 1 ressource en ligne (vi, 432 pages) : illustrations
Contents: pt. 1. Back to the foundations --
pt. 2. Autonomous expectations in long swings in asset prices --
pt. 3. Rethinking unemployment-inflation trade-offs and the natural rate theory --
pt. 4. Policymaking after "rational expectations."
Responsibility: edited by Roman Frydman and Edmund S. Phelps.

Abstract:

"This book originated from a 2010 conference marking the fortieth anniversary of the publication of the landmark "Phelps volume," Microeconomic Foundations of Employment and Inflation Theory, a book that is often credited with pioneering the currently dominant approach to macroeconomic analysis. However, in their provocative introductory essay, Roman Frydman and Edmund Phelps argue that the vast majority of macroeconomic and finance models developed over the last four decades derailed, rather than built on, the Phelps volume's "microfoundations" approach. Whereas the contributors to the 1970 volume recognized the fundamental importance of according market participants' expectations an autonomous role, contemporary models rely on the rational expectations hypothesis (REH), which rules out such a role by design. The financial crisis that began in 2007, preceded by a spectacular boom and bust in asset prices that REH models implied could never happen, has spurred a quest for fresh approaches to macroeconomic analysis. While the alternatives to REH presented in Rethinking Expectations differ from the approach taken in the original Phelps volume, they are notable for returning to its major theme: understanding aggregate outcomes requires according expectations an autonomous role."--Publisher's website.

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