Rethinking Expectations: The Way Forward for MacroeconomicsRoman Frydman, Edmund S. Phelps Princeton University Press, 23 janv. 2013 - 440 pages 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. |
Table des matières
1 | |
Back to the Foundations | 47 |
Autonomous Expectations in Long Swings in Asset Prices | 167 |
Rethinking UnemploymentInflation Tradeoffs and the Natural Rate Theory | 249 |
Policymaking after Rational Expectations | 371 |
Contributors | 415 |
421 | |