Rationale Erwartungen in Makromodellen
JOURNAL ARTICLE
Cite JOURNAL ARTICLE
Style
Format
Rationale Erwartungen in Makromodellen
Ein kritischer Überblick
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 99(1979), Iss. 4 : pp. 371–401 | First published online: February 24, 2023
3 Citations (CrossRef)
Additional Information
Article Details
Neumann, Manfred J. M.
Cited By
-
Empirical evidence on the rational expectations hypothesis using reported expectations
Aiginger, Karl
Empirica, Vol. 8(1981), Iss. 1 P.25
https://doi.org/10.1007/BF00924901 [Citations: 15] -
Was kann man von der „Theorie rationaler Erwartungen“ rationalerweise erwarten
Tietzel, Manfred
Credit and Capital Markets – Kredit und Kapital, Vol. 15(1982), Iss. 4 P.492
https://doi.org/10.3790/ccm.15.4.492 [Citations: 1] -
Fristigkeitsaspekte in der Theorie der Stabilisierungspolitik
Klausinger, Hansjörg
Credit and Capital Markets – Kredit und Kapital, Vol. 17(1984), Iss. 2 P.180
https://doi.org/10.3790/ccm.17.2.180 [Citations: 1]
Abstract
This article surveys critically the literature on the integration of rational expectations into macromodels. Various objections to and extensions of the Lucas-Sargent-Wallace analysis are examined within a simple model. Also convergence problems are discussed stressing the conditioning role of information costs. Conclusions: (1) Rationality prevents market participants from identifying completely the structure; (2) it appears to be promising to combine rational expectations formation with operational hypotheses on the content and evolution of limited information positions of market participants as well as policy makers; (3) Friedman-type rules are relevant in a world of limited information rather than in the Sargent-Wallace world.