Rational Expectation In Not Generally Valid For Econometric Models PDF Download
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Author | : Gregory C. Chow |
Publisher | : |
Total Pages | : 32 |
Release | : 1997 |
Genre | : |
ISBN | : |
Download Rational Expectation in Not Generally Valid for Econometric Models Book in PDF, ePub and Kindle
Author | : Janne Roslyn Rayner |
Publisher | : |
Total Pages | : |
Release | : 1980 |
Genre | : Econometrics |
ISBN | : |
Download Expectations Book in PDF, ePub and Kindle
Author | : Robert E. Lucas |
Publisher | : U of Minnesota Press |
Total Pages | : 335 |
Release | : 1988 |
Genre | : |
ISBN | : 1452908281 |
Download Rational Expectations and Econometric Practice Book in PDF, ePub and Kindle
Assumptions about how people form expectations for the future shape the properties of any dynamic economic model. To make economic decisions in an uncertain environment people must forecast such variables as future rates of inflation, tax rates, governme.
Author | : Mr.Douglas Laxton |
Publisher | : International Monetary Fund |
Total Pages | : 30 |
Release | : 1996-09-01 |
Genre | : Business & Economics |
ISBN | : 1451947143 |
Download A Robust and Efficient Method for Solving Nonlinear Rational Expectations Models Book in PDF, ePub and Kindle
The development and use of forward-looking macro models in policymaking institutions has proceeded at a pace much slower than predicted in the early 1980s. An important reason is that researchers have not had access to robust and efficient solution techniques for solving nonlinear forward-looking models. This paper discusses the properties of a new algorithm that is used for solving MULTIMOD, the IMF’s multicountry model of the world economy. This algorithm is considerably faster and much less prone to simulation failures than to traditional algorithms and can also be used to solve individual country models of the same size.
Author | : Robert E. Lucas (Jr) |
Publisher | : |
Total Pages | : 689 |
Release | : 1981 |
Genre | : Econometrics |
ISBN | : 9780816609178 |
Download Rational Expectations and Econometric Practice Book in PDF, ePub and Kindle
Author | : Markus Zenner |
Publisher | : Springer Science & Business Media |
Total Pages | : 209 |
Release | : 2013-11-09 |
Genre | : Business & Economics |
ISBN | : 3642518761 |
Download Learning to Become Rational Book in PDF, ePub and Kindle
1. 1 Rational Expectations and Learning to Become Rational A characteristic feature of dynamic economic models is that, if future states of the economy are uncertain, the expectations of agents mat ter. Producers have to decide today which amount of a good they will produce not knowing what demand will be tomorrow. Consumers have to decide what they spend for consumption today not knowing what prices will prevail tomorrow. Adopting the neo-classical point of view that economic agents are 'rational' in the sense that they behave in their own best interest given their expectations about future states of the ecomomy it is usually assumed that agents are Bayesian deci sion makers. But, as LUCAS points out, there remains an element of indeterminacy: Unfortunately, the general hypothesis that economic agents are Bayesian decision makers has, in many applications, lit tle empirical content: without some way of infering what an agent's subjective view of the future is, this hypothesis is of no help in understanding his behavior. Even psychotic behavior can be (and today, is) understood as "rational", given a sufficiently abnormal view of relevant probabili ties. To practice economics, we need some way (short of psychoanalysis, one hopes) of understanding which decision problem agents are solving. (LucAs (1977, p. 15)) 2 CHAPTER 1. INTRODUCTION 1. 1.
Author | : Graham Keith Shaw |
Publisher | : |
Total Pages | : 150 |
Release | : 1984 |
Genre | : Business & Economics |
ISBN | : |
Download Rational Expectations Book in PDF, ePub and Kindle
Author | : Robert E. Lucas (Jr.) |
Publisher | : |
Total Pages | : 689 |
Release | : 1981 |
Genre | : Econometrics |
ISBN | : 9780816609161 |
Download Rational Expectations and Econometric Practice Book in PDF, ePub and Kindle
Author | : Robert E. Lucas |
Publisher | : |
Total Pages | : 689 |
Release | : 1981 |
Genre | : Econometrics |
ISBN | : 9780816610983 |
Download Rational Expectations and Econometric Practice Book in PDF, ePub and Kindle
Author | : Bennett T. McCallum |
Publisher | : |
Total Pages | : 66 |
Release | : 1981 |
Genre | : Econometrics |
ISBN | : |
Download On Non-uniqueness in Rational Expectations Models Book in PDF, ePub and Kindle
Many macroeconomic models involving rational expect at ions give rise to an infinity of solution paths, even when the models are linear in all variables. Some writers have suggested that this non-uniqueness constitutes a serious weakness for the rational expectations hypothesis. One purpose of the present paper is to argue that the non-uniqueness in question is not properly attributable to the rationality hypothesis but, instead, is a general feature of dynamic models involving expectations. It is also argued that there typically exists, in a very wide class of linear rational expectations models, a single solution that excludes "bubble" or "bootstrap" effects ones that occur only because they are arbitrarily expected to occur. A systematic procedure for obtaining solutions free from such effects is introduced and discussed. In addition, this procedure is used to interpret and reconsider several prominent examples with solution multiplicities, including ones developed by Fischer Black and John B. Taylor. [Resumen de autor]