Resisting and Accommodating Thomas Sargent Putting Rational Expectations Economics through the Mangle of Practice
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Rational Expectations and Inflation Third Edition
this collection of essays uses the lens of rational expectations theory to examine how governments anticipate and plan for inflation, and provides insight into the pioneering research for which thomas sargent was awarded the 2011 nobel prize in economics. rational expectations theory is based on the simple premise that people will use all the information available to them in making economic dec...
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l1li' 11' In this note we derive optimal prediction formulas to be used in solving continuous time rational expectations models. In these derivations we employ Laplace transforms in a manner analogous to the use of z transforms for solving discrete time optimal prediction problems in Hansen and Sargent (1980a, Appendix A). The formulas are intended to play the same role for continuous time mode...
متن کاملRobust Discretionary Monetary Policy under Cost-Push Shock Uncertainty of Iran’s Economy
T here is always uncertainty about the soundness of an economic model’s structure and parameters. Therefore, central banks normally face with uncertainty about the key economic explanatory relationships. So, policymaker should take into account the uncertainty in formulating monetary policies. The present study is aimed to examine robust optimal monetary policy under uncertainty, by ...
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متن کاملMarket Efficiency and Inefficiency in Rational Expectations Equilibria: Dynamic Effects of Heterogeneous Information and Noise
The paper examines time series properties and efficiency of a securities market where disparately informed traders hold rational expectations and extract signals from the endogenous market price. Two equilibria are calculated, using a method of Sargent to handle the problem of infinite regress. When rational speculation is the sole source of potential trade, the market price reflects all privat...
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