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Rational Expectations Are Endogenous to and Abide by “the” Model

Eric Barthalon

in Uncertainty, Expectations, and Financial Instability: Reviving Allais's Lost Theory of Psychological Time

Published in print:
2014
Published Online:
November 2015
ISBN:
9780231166287
eISBN:
9780231538305
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231166287.003.0002
Subject:
Economics and Finance, Behavioural Economics

This chapter examines the main assumptions of the rational expectations hypothesis (REH). REH is a pillar of the neo-Walrasian approach to general equilibrium, a mathematically demanding theory ... More


Conclusion

Eric Barthalon

in Uncertainty, Expectations, and Financial Instability: Reviving Allais's Lost Theory of Psychological Time

Published in print:
2014
Published Online:
November 2015
ISBN:
9780231166287
eISBN:
9780231538305
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231166287.003.0012
Subject:
Economics and Finance, Behavioural Economics

This book concludes by summarizing the key arguments in the form of a comparison of the HRL formulation with the rational expectations hypothesis (REH). It explains what makes Maurice Allais's ... More


Introduction to Dynamic Economic Modelling

M. Hashem Pesaran

in Time Series and Panel Data Econometrics

Published in print:
2015
Published Online:
March 2016
ISBN:
9780198736912
eISBN:
9780191800504
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198736912.003.0006
Subject:
Economics and Finance, Econometrics

Dynamic economic models typically arise as a characterization of the path of the economy around its long run equilibrium (steady states), and involve modelling expectations, learning, and adjustment ... More


Methods

Stefan Homburg

in A Study in Monetary Macroeconomics

Published in print:
2017
Published Online:
August 2017
ISBN:
9780198807537
eISBN:
9780191845451
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198807537.003.0008
Subject:
Economics and Finance, Macro- and Monetary Economics

Chapter 8 concludes the text with methodical remarks. It defends key assumptions made in the main text and compares them, to the extent they deviate, with more conventional premises. The chapter ... More


A Study in Monetary Macroeconomics

Stefan Homburg

Published in print:
2017
Published Online:
August 2017
ISBN:
9780198807537
eISBN:
9780191845451
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198807537.001.0001
Subject:
Economics and Finance, Macro- and Monetary Economics

The Great Recession of 2008/09 and its aftermath present a major challenge to macroeconomics. Many researchers think that prevailing models fail to grasp essential aspects of recent developments, ... More


Economic Dynamics

David D. Nolte

in Introduction to Modern Dynamics: Chaos, Networks, Space, and Time

Published in print:
2019
Published Online:
November 2019
ISBN:
9780198844624
eISBN:
9780191880216
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198844624.003.0010
Subject:
Physics, Theoretical, Computational, and Statistical Physics

In microeconomics, forces of supply and demand lead to stable competition as well as business cycles. Continuous systems with price and quantity adjustments and a cost of labor exhibit Hopf ... More


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