Rethinking Expectations : : The Way Forward for Macroeconomics / / ed. by Edmund S. Phelps, Roman Frydman.
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 that is often credited with pioneering the currently dominant approach to macroeconomic anal...
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Rethinking Expectations : The Way Forward for Macroeconomics / ed. by Edmund S. Phelps, Roman Frydman. Course Book Princeton, NJ : Princeton University Press, [2013] ©2013 1 online resource (440 p.) : 48 line illus. 18 tables. text txt rdacontent computer c rdamedia online resource cr rdacarrier text file PDF rda Frontmatter -- Contents -- Which Way Forward for Macroeconomics and Policy Analysis? -- Part one. Back to the Foundations -- 1. Expectational Coordination Failures and Market Volatility -- 2. Learning as a Rational Foundation for Macroeconomics and Finance -- 3. Keynes on Knowledge, Expectations, and Rationality -- 4. The Imperfect Knowledge Imperative in Modern Macroeconomics and Finance Theory -- Part two. Autonomous Expectations in Long Swings in Asset Prices -- 5. Heterogeneous Gain Learning and Long Swings in Asset Prices -- 6. Opening Models of Asset Prices and Risk to Nonroutine Change -- Part three. Rethinking Unemployment-Inflation Trade-offs and the Natural Rate Theory -- 7. Animal Spirits, Persistent Unemployment, and the Belief Function -- 8. Indeterminacies in Wage and Asset Price Expectations -- 9. The Long Swings of Employment, Investment, and Asset Prices -- 10. Imperfect Knowledge, Asset Price Swings, and Structural Slumps -- 11. Stabilization Policies and Economic Growth -- Part four. Policymaking after "Rational Expectations" -- 12. Swings and the Rules-Discretion Balance -- 13. Principled Policymaking in an Uncertain World -- Contributors -- Index restricted access http://purl.org/coar/access_right/c_16ec online access with authorization star 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 that is often credited with pioneering the currently dominant approach to macroeconomic analysis. However, in their provocative introductory essay, Roman Frydman and Edmund Phelps argue that the vast majority of macroeconomic and finance models developed over the last four decades derailed, rather than built on, the Phelps volume's "microfoundations" approach. Whereas the contributors to the 1970 volume recognized the fundamental importance of according market participants' expectations an autonomous role, contemporary models rely on the rational expectations hypothesis (REH), which rules out such a role by design. The financial crisis that began in 2007, preceded by a spectacular boom and bust in asset prices that REH models implied could never happen, has spurred a quest for fresh approaches to macroeconomic analysis. While the alternatives to REH presented in Rethinking Expectations differ from the approach taken in the original Phelps volume, they are notable for returning to its major theme: understanding aggregate outcomes requires according expectations an autonomous role. In the introductory essay, Frydman and Phelps interpret the various efforts to reconstruct the field--some of which promise to chart its direction for decades to come. The contributors include Philippe Aghion, Sheila Dow, George W. Evans, Roger E. A. Farmer, Roman Frydman, Michael D. Goldberg, Roger Guesnerie, Seppo Honkapohja, Katarina Juselius, Enisse Kharroubi, Blake LeBaron, Edmund S. Phelps, John B. Taylor, Michael Woodford, and Gylfi Zoega. Issued also in print. Mode of access: Internet via World Wide Web. In English. Description based on online resource; title from PDF title page (publisher's Web site, viewed 30. Aug 2021) Macroeconomics. Rational expectations (Economic theory). BUSINESS & ECONOMICS / Economics / Macroeconomics. bisacsh Phelps microfoundations volume. Rational Expectations Hypothesis. Real Business Cycles. Ricardian Equivalence. asset prices. bounded rationality. economic theory. employment. expectation formation. expectational coordination. expectations. finance. financial crisis. financial instruments. inflation. informational efficiency. learning. macroeconometric models. macroeconomic analysis. macroeconomic models. macroeconomics. microfoundations. nonroutine change. rational expectations. rationality. real-time learning. unemployment. Aghion, Philippe, contributor. ctb https://id.loc.gov/vocabulary/relators/ctb Dow, Sheila, contributor. ctb https://id.loc.gov/vocabulary/relators/ctb Evans, George W., contributor. ctb https://id.loc.gov/vocabulary/relators/ctb Farmer, Roger E. A., contributor. ctb https://id.loc.gov/vocabulary/relators/ctb Frydman, Roman, contributor. ctb https://id.loc.gov/vocabulary/relators/ctb Frydman, Roman, editor. edt http://id.loc.gov/vocabulary/relators/edt Goldberg, Michael D., contributor. ctb https://id.loc.gov/vocabulary/relators/ctb Guesnerie, Roger, contributor. ctb https://id.loc.gov/vocabulary/relators/ctb Honkapohja, Seppo, contributor. ctb https://id.loc.gov/vocabulary/relators/ctb Juselius, Katarina, contributor. ctb https://id.loc.gov/vocabulary/relators/ctb Kharroubi, Enisse, contributor. ctb https://id.loc.gov/vocabulary/relators/ctb LeBaron, Blake, contributor. ctb https://id.loc.gov/vocabulary/relators/ctb Phelps, Edmund S., contributor. ctb https://id.loc.gov/vocabulary/relators/ctb Phelps, Edmund S., editor. edt http://id.loc.gov/vocabulary/relators/edt Taylor, John B., contributor. ctb https://id.loc.gov/vocabulary/relators/ctb Woodford, Michael, contributor. ctb https://id.loc.gov/vocabulary/relators/ctb Zoega, Gylfi, contributor. ctb https://id.loc.gov/vocabulary/relators/ctb Title is part of eBook package: De Gruyter Princeton University Press eBook-Package Backlist 2000-2013 9783110442502 print 9780691155234 https://doi.org/10.1515/9781400846450?locatt=mode:legacy https://www.degruyter.com/isbn/9781400846450 Cover https://www.degruyter.com/cover/covers/9781400846450.jpg |
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Aghion, Philippe, Aghion, Philippe, Dow, Sheila, Dow, Sheila, Evans, George W., Evans, George W., Farmer, Roger E. A., Farmer, Roger E. A., Frydman, Roman, Frydman, Roman, Frydman, Roman, Frydman, Roman, Goldberg, Michael D., Goldberg, Michael D., Guesnerie, Roger, Guesnerie, Roger, Honkapohja, Seppo, Honkapohja, Seppo, Juselius, Katarina, Juselius, Katarina, Kharroubi, Enisse, Kharroubi, Enisse, LeBaron, Blake, LeBaron, Blake, Phelps, Edmund S., Phelps, Edmund S., Phelps, Edmund S., Phelps, Edmund S., Taylor, John B., Taylor, John B., Woodford, Michael, Woodford, Michael, Zoega, Gylfi, Zoega, Gylfi, |
author_facet |
Aghion, Philippe, Aghion, Philippe, Dow, Sheila, Dow, Sheila, Evans, George W., Evans, George W., Farmer, Roger E. A., Farmer, Roger E. A., Frydman, Roman, Frydman, Roman, Frydman, Roman, Frydman, Roman, Goldberg, Michael D., Goldberg, Michael D., Guesnerie, Roger, Guesnerie, Roger, Honkapohja, Seppo, Honkapohja, Seppo, Juselius, Katarina, Juselius, Katarina, Kharroubi, Enisse, Kharroubi, Enisse, LeBaron, Blake, LeBaron, Blake, Phelps, Edmund S., Phelps, Edmund S., Phelps, Edmund S., Phelps, Edmund S., Taylor, John B., Taylor, John B., Woodford, Michael, Woodford, Michael, Zoega, Gylfi, Zoega, Gylfi, |
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author_sort |
Aghion, Philippe, |
title |
Rethinking Expectations : The Way Forward for Macroeconomics / |
spellingShingle |
Rethinking Expectations : The Way Forward for Macroeconomics / Frontmatter -- Contents -- Which Way Forward for Macroeconomics and Policy Analysis? -- Part one. Back to the Foundations -- 1. Expectational Coordination Failures and Market Volatility -- 2. Learning as a Rational Foundation for Macroeconomics and Finance -- 3. Keynes on Knowledge, Expectations, and Rationality -- 4. The Imperfect Knowledge Imperative in Modern Macroeconomics and Finance Theory -- Part two. Autonomous Expectations in Long Swings in Asset Prices -- 5. Heterogeneous Gain Learning and Long Swings in Asset Prices -- 6. Opening Models of Asset Prices and Risk to Nonroutine Change -- Part three. Rethinking Unemployment-Inflation Trade-offs and the Natural Rate Theory -- 7. Animal Spirits, Persistent Unemployment, and the Belief Function -- 8. Indeterminacies in Wage and Asset Price Expectations -- 9. The Long Swings of Employment, Investment, and Asset Prices -- 10. Imperfect Knowledge, Asset Price Swings, and Structural Slumps -- 11. Stabilization Policies and Economic Growth -- Part four. Policymaking after "Rational Expectations" -- 12. Swings and the Rules-Discretion Balance -- 13. Principled Policymaking in an Uncertain World -- Contributors -- Index |
title_sub |
The Way Forward for Macroeconomics / |
title_full |
Rethinking Expectations : The Way Forward for Macroeconomics / ed. by Edmund S. Phelps, Roman Frydman. |
title_fullStr |
Rethinking Expectations : The Way Forward for Macroeconomics / ed. by Edmund S. Phelps, Roman Frydman. |
title_full_unstemmed |
Rethinking Expectations : The Way Forward for Macroeconomics / ed. by Edmund S. Phelps, Roman Frydman. |
title_auth |
Rethinking Expectations : The Way Forward for Macroeconomics / |
title_alt |
Frontmatter -- Contents -- Which Way Forward for Macroeconomics and Policy Analysis? -- Part one. Back to the Foundations -- 1. Expectational Coordination Failures and Market Volatility -- 2. Learning as a Rational Foundation for Macroeconomics and Finance -- 3. Keynes on Knowledge, Expectations, and Rationality -- 4. The Imperfect Knowledge Imperative in Modern Macroeconomics and Finance Theory -- Part two. Autonomous Expectations in Long Swings in Asset Prices -- 5. Heterogeneous Gain Learning and Long Swings in Asset Prices -- 6. Opening Models of Asset Prices and Risk to Nonroutine Change -- Part three. Rethinking Unemployment-Inflation Trade-offs and the Natural Rate Theory -- 7. Animal Spirits, Persistent Unemployment, and the Belief Function -- 8. Indeterminacies in Wage and Asset Price Expectations -- 9. The Long Swings of Employment, Investment, and Asset Prices -- 10. Imperfect Knowledge, Asset Price Swings, and Structural Slumps -- 11. Stabilization Policies and Economic Growth -- Part four. Policymaking after "Rational Expectations" -- 12. Swings and the Rules-Discretion Balance -- 13. Principled Policymaking in an Uncertain World -- Contributors -- Index |
title_new |
Rethinking Expectations : |
title_sort |
rethinking expectations : the way forward for macroeconomics / |
publisher |
Princeton University Press, |
publishDate |
2013 |
physical |
1 online resource (440 p.) : 48 line illus. 18 tables. Issued also in print. |
edition |
Course Book |
contents |
Frontmatter -- Contents -- Which Way Forward for Macroeconomics and Policy Analysis? -- Part one. Back to the Foundations -- 1. Expectational Coordination Failures and Market Volatility -- 2. Learning as a Rational Foundation for Macroeconomics and Finance -- 3. Keynes on Knowledge, Expectations, and Rationality -- 4. The Imperfect Knowledge Imperative in Modern Macroeconomics and Finance Theory -- Part two. Autonomous Expectations in Long Swings in Asset Prices -- 5. Heterogeneous Gain Learning and Long Swings in Asset Prices -- 6. Opening Models of Asset Prices and Risk to Nonroutine Change -- Part three. Rethinking Unemployment-Inflation Trade-offs and the Natural Rate Theory -- 7. Animal Spirits, Persistent Unemployment, and the Belief Function -- 8. Indeterminacies in Wage and Asset Price Expectations -- 9. The Long Swings of Employment, Investment, and Asset Prices -- 10. Imperfect Knowledge, Asset Price Swings, and Structural Slumps -- 11. Stabilization Policies and Economic Growth -- Part four. Policymaking after "Rational Expectations" -- 12. Swings and the Rules-Discretion Balance -- 13. Principled Policymaking in an Uncertain World -- Contributors -- Index |
isbn |
9781400846450 9783110442502 9780691155234 |
callnumber-first |
H - Social Science |
callnumber-subject |
HB - Economic Theory and Demography |
callnumber-label |
HB172 |
callnumber-sort |
HB 3172.5 R48 42017 |
url |
https://doi.org/10.1515/9781400846450?locatt=mode:legacy https://www.degruyter.com/isbn/9781400846450 https://www.degruyter.com/cover/covers/9781400846450.jpg |
illustrated |
Illustrated |
dewey-hundreds |
300 - Social sciences |
dewey-tens |
330 - Economics |
dewey-ones |
339 - Macroeconomics & related topics |
dewey-full |
339 |
dewey-sort |
3339 |
dewey-raw |
339 |
dewey-search |
339 |
doi_str_mv |
10.1515/9781400846450?locatt=mode:legacy |
oclc_num |
826659726 |
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Rethinking Expectations : The Way Forward for Macroeconomics / |
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However, in their provocative introductory essay, Roman Frydman and Edmund Phelps argue that the vast majority of macroeconomic and finance models developed over the last four decades derailed, rather than built on, the Phelps volume's "microfoundations" approach. Whereas the contributors to the 1970 volume recognized the fundamental importance of according market participants' expectations an autonomous role, contemporary models rely on the rational expectations hypothesis (REH), which rules out such a role by design. The financial crisis that began in 2007, preceded by a spectacular boom and bust in asset prices that REH models implied could never happen, has spurred a quest for fresh approaches to macroeconomic analysis. While the alternatives to REH presented in Rethinking Expectations differ from the approach taken in the original Phelps volume, they are notable for returning to its major theme: understanding aggregate outcomes requires according expectations an autonomous role. In the introductory essay, Frydman and Phelps interpret the various efforts to reconstruct the field--some of which promise to chart its direction for decades to come. The contributors include Philippe Aghion, Sheila Dow, George W. Evans, Roger E. A. Farmer, Roman Frydman, Michael D. Goldberg, Roger Guesnerie, Seppo Honkapohja, Katarina Juselius, Enisse Kharroubi, Blake LeBaron, Edmund S. Phelps, John B. Taylor, Michael Woodford, and Gylfi Zoega.</subfield></datafield><datafield tag="530" ind1=" " ind2=" "><subfield code="a">Issued also in print.</subfield></datafield><datafield tag="538" ind1=" " ind2=" "><subfield code="a">Mode of access: Internet via World Wide Web.</subfield></datafield><datafield tag="546" ind1=" " ind2=" "><subfield code="a">In English.</subfield></datafield><datafield tag="588" ind1="0" ind2=" "><subfield code="a">Description based on online resource; title from PDF title page (publisher's Web site, viewed 30. Aug 2021)</subfield></datafield><datafield tag="650" ind1=" " ind2="0"><subfield code="a">Macroeconomics.</subfield></datafield><datafield tag="650" ind1=" " ind2="0"><subfield code="a">Rational expectations (Economic theory).</subfield></datafield><datafield tag="650" ind1=" " ind2="7"><subfield code="a">BUSINESS & ECONOMICS / Economics / Macroeconomics.</subfield><subfield code="2">bisacsh</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">Phelps microfoundations volume.</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">Rational Expectations Hypothesis.</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">Real Business Cycles.</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">Ricardian Equivalence.</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">asset prices.</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">bounded rationality.</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">economic theory.</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">employment.</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">expectation formation.</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">expectational coordination.</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">expectations.</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">finance.</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">financial crisis.</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">financial instruments.</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">inflation.</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">informational efficiency.</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">learning.</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">macroeconometric models.</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">macroeconomic analysis.</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">macroeconomic models.</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">macroeconomics.</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">microfoundations.</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">nonroutine change.</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">rational expectations.</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">rationality.</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">real-time learning.</subfield></datafield><datafield tag="653" ind1=" " ind2=" "><subfield code="a">unemployment.</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Aghion, Philippe, </subfield><subfield code="e">contributor.</subfield><subfield code="4">ctb</subfield><subfield code="4">https://id.loc.gov/vocabulary/relators/ctb</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Dow, Sheila, </subfield><subfield code="e">contributor.</subfield><subfield code="4">ctb</subfield><subfield code="4">https://id.loc.gov/vocabulary/relators/ctb</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Evans, George W., </subfield><subfield code="e">contributor.</subfield><subfield code="4">ctb</subfield><subfield code="4">https://id.loc.gov/vocabulary/relators/ctb</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Farmer, Roger E. 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