Learning and Expectations in Macroeconomics (Frontiers of Economic Research)

A crucial challenge for economists is figuring out how people interpret the world and form expectations that will likely influence their economic activity. Inflation, asset prices, exchange rates, investment, and consumption are just some of the economic variables that are largely explained by expectations. Here George Evans and Seppo Honkapohja bring new explanatory power to a variety of expectation formation models by focusing on the learning factor. Whereas the rational expectations paradigm offers the prevailing method to determining expectations, it assumes very theoretical knowledge on the part of economic actors. Evans and Honkapohja contribute to a growing body of research positing that households and firms learn by making forecasts using observed data, updating their forecast rules over time in response to errors. This book is the first systematic development of the new statistical learning approach. Depending on the particular economic structure, the economy may converge to a standard rational-expectations or a "rational bubble" solution, or exhibit persistent learning dynamics. The learning approach also provides tools to assess the importance of new models with expectational indeterminacy, in which expectations are an independent cause of macroeconomic fluctuations. Moreover, learning dynamics provide a theory for the evolution of expectations and selection between alternative equilibria, with implications for business cycles, asset price volatility, and policy. This book provides an authoritative treatment of this emerging field, developing the analytical techniques in detail and using them to synthesize and extend existing research.

Product details

Hardcover : 199 pages
Title : Learning and Expectations in Macroeconomics (Frontiers of Economic Research)
Language : English
ISBN-10 : 691049211
Ranting : 4

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Learning and Expectations in Macroeconomics | Princeton
The learning approach also provides tools to assess the importance of new models with expectational indeterminacy, in which expectations are an independent cause of macroeconomic fluctuations. Moreover, learning dynamics provide a theory for the evolution of expectations and selection between alternative equilibria, with implications for business cycles, asset price volatility, and policy.
Learning and Expectations in Macroeconomics on JSTOR
Learning and Expectations in Macroeconomics. Book Description: A crucial challenge for economists is figuring out how people interpret the world and form expectations that will likely influence their economic activity. Inflation, asset prices, exchange rates, investment, and consumption are just some of the economic variables that are largely ...
Project MUSE Learning and Expectations in Macroeconomics
The learning approach also provides tools to assess the importance of new models with expectational indeterminacy, in which expectations are an independent cause of macroeconomic fluctuations. Moreover, learning dynamics provide a theory for the evolution of expectations and selection between alternative equilibria, with implications for business cycles, asset price volatility, and policy.
Learning and Expectations in Macroeconomics | Request PDF
Request PDF | Learning and Expectations in Macroeconomics | A crucial challenge for economists is figuring out how people interpret the world and form expectations that will likely influence their ...
Learning and Expectations in Macroeconomics by George W Evans
A crucial challenge for economists is figuring out how people interpret the world and form expectations that will likely influence their economic activity. Inflation, asset prices, exchange rates, investment, and consumption are just some of the economic variables that are largely explained by expectations.
Learning and Expectations in Macroeconomics (Frontiers of
The learning approach also provides tools to assess the importance of new models with expectational indeterminacy, in which expectations are an independent cause of macroeconomic fluctuations. Moreover, learning dynamics provide a theory for the evolution of expectations and selection between alternative equilibria, with implications for business cycles, asset price volatility, and policy.
Learning and expectations in macroeconomics George W
Machine derived contents note: Table of contents for Learning and expectations in macroeconomics George W. Evans and Seppo Honkapohja. Bibliographic record and links to related information available from the Library of Congress catalog; Information from electronic data provided by the publisher. May be incomplete or contain other coding.
Learning and Expectations in Macroeconomics
Learning and Expectations in Macroeconomics. Series:Frontiers of Economic Research. PRINCETON UNIVERSITY PRESS 138,95 € $159.50 £124.00* Add to Cart. eBook (PDF) ... Expectations and the Learning Approach. Pages 5 24. Get Access to Full Text. Chapter 2. Introduction to the Techniques. Pages 25 44. Get Access to Full Text.
Learning in Macroeconomics
learning in macroeconomics Expectations play a key role in macroeconomics. The assumption of rational expectations has been recently relaxed by explicit models of forecasting and model updating. Rational expectations can be assessed for stability under various types of learning, with least squares learning playing a prominent role.
Expectations in Macroeconomics | SpringerLink
Abstract. Virtually all important macroeconomic decisions involve expectations concerning uncertain future outcomes. The decision to invest in a capital asset, for example, involves making a financial outlay today in the expectation of generating future income streams which, when adequately discounted, justify the original act of investment.