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Which Way Forward for Macroeconomics and Policy Analysis?

Roman Frydman and Edmund S. Phelps

in Rethinking Expectations: The Way Forward for Macroeconomics

Published in print:
2013
Published Online:
October 2017
ISBN:
9780691155234
eISBN:
9781400846450
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691155234.003.0001
Subject:
Economics and Finance, Macro- and Monetary Economics

This introductory chapter discusses the papers presented at the Center on Capitalism and Society conference held in the fall of 2010. The conference, which commemorated the fortieth anniversary of ... More


Expectational Coordination Failures and Market Volatility

Roger Guesnerie

in Rethinking Expectations: The Way Forward for Macroeconomics

Published in print:
2013
Published Online:
October 2017
ISBN:
9780691155234
eISBN:
9781400846450
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691155234.003.0002
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter examines one line of criticism of the Rational Expectations Hypothesis (REH): expectational coordination failures. It begins by addressing the question of what went wrong with standard ... More


The Imperfect Knowledge Imperative in Modern Macroeconomics and Finance Theory

Roman Frydman and Michael D. Goldberg

in Rethinking Expectations: The Way Forward for Macroeconomics

Published in print:
2013
Published Online:
October 2017
ISBN:
9780691155234
eISBN:
9781400846450
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691155234.003.0005
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter examines the imperfect knowledge imperative in modern macroeconomics and finance theory. It argues that the Rational Expectations Hypothesis (REH) has nothing to do with how even ... More


Rethinking Expectations: The Way Forward for Macroeconomics

Roman Frydman and Edmund S. Phelps (eds)

Published in print:
2013
Published Online:
October 2017
ISBN:
9780691155234
eISBN:
9781400846450
Item type:
book
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691155234.001.0001
Subject:
Economics and Finance, Macro- and Monetary Economics

This book originated from a 2010 conference marking the fortieth anniversary of the publication of the landmark “Phelps microfoundations volume,” Microeconomic Foundations of Employment and Inflation ... More


Imperfect Knowledge, Asset Price Swings, and Structural Slumps: A Cointegrated Vector Autoregressive Analysis of Their Interdependence

Katarina Juselius

in Rethinking Expectations: The Way Forward for Macroeconomics

Published in print:
2013
Published Online:
October 2017
ISBN:
9780691155234
eISBN:
9781400846450
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691155234.003.0011
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter examines the relationship between speculation in the currency markets and aggregate activity in the real economy by drawing on the Structural Slumps theory and the theory of Imperfect ... More


Macroeconomic equilibrium model building and the stability problem

Lawrence A. Boland

in Equilibrium Models in Economics: Purposes and Critical Limitations

Published in print:
2017
Published Online:
May 2017
ISBN:
9780190274320
eISBN:
9780190274368
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190274320.003.0010
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter will consider all major ways of avoiding the methodological questions facing the construction of any equilibrium model that attempts to address the need to explain an equilibrium’s ... More


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