Rethinking expectations : the way forward for macroeconomics (Book, 2013) []
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Rethinking expectations : the way forward for macroeconomics

Rethinking expectations : the way forward for macroeconomics

Author: Roman Frydman; Edmund S Phelps
Publisher: Princeton : Princeton University Press, ©2013.
Edition/Format:   Print book : EnglishView all editions and formats

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  Read more...

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Document Type: Book
All Authors / Contributors: Roman Frydman; Edmund S Phelps
ISBN: 9780691155234 0691155232
OCLC Number: 939929279
Description: 432 s. : illustrations
Contents: Which Way Forward for Macroeconomics and Policy Analysis? 1 Roman Frydman and Edmund S. Phelps PART ONE Back to the Foundations 1Expectational Coordination Failures and Market Volatility 49 Roger Guesnerie 2Learning as a Rational Foundation for Macroeconomics and Finance 68 George W. Evans and Seppo Honkapohja 3Keynes on Knowledge, Expectations, and Rationality 112 Sheila Dow 4The Imperfect Knowledge Imperative in Modern Macroeconomics and Finance Theory 130 Roman Frydman and Michael D. Goldberg PART TWO Autonomous Expectations in Long Swings in Asset Prices 5Heterogeneous Gain Learning and Long Swings in Asset Prices 169 Blake LeBaron 6Opening Models of Asset Prices and Risk to Nonroutine Change 207 Roman Frydman and Michael D. Goldberg PART THREE Rethinking Unemployment-Inflation Trade-offs and the Natural Rate Theory 7Animal Spirits, Persistent Unemployment, and the Belief Function 251 Roger E. A. Farmer 8Indeterminacies in Wage and Asset Price Expectations 277 Edmund S. Phelps 9The Long Swings of Employment, Investment, and Asset Prices 301 Gylfi Zoega 10Imperfect Knowledge, Asset Price Swings, and Structural Slumps 328 Katarina Juselius 11Stabilization Policies and Economic Growth 351 Philippe Aghion and Enisse Kharroubi PART FOURPolicymaking after "Rational Expectations" 12Swings and the Rules-Discretion Balance 373 John B. Taylor 13Principled Policymaking in an Uncertain World 389 Michael Woodford Contributors 415 Index 421
Responsibility: edited by Roman Frydman and Edmund S. Phelps.


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"The 1970 Phelps volume has been extremely influential in macroeconomics. Three of its contributors went on to win Nobel prizes for work detailed in the book, and it inspired many others who Read more...

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