Rational expectations and the theory of economic policy

SEVERAL REASONS ARE GIVEN FOR USING THE HYPOTHESES OF RATIONAL EXPECTATIONS. AN IMPORTANT ONE IS THAT IT IS CONSISTANT WITH THE FINDINGS THAT LARGE PARTS OF VACROECONOMETRIC MODELS TYPICALLY FAIL TESTS FOR STRUCTURAL CHANGE. A SECOND REASON IS THAT IN ESTIMATING ECONOMETRIC MODELS IT IS A SOURCE OF...

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Bibliographic Details
Published in:Journal of monetary economics 1976-04, Vol.2 (2), p.169-183
Main Authors: Sargent, Thomas J., Wallace, Neil
Format: Article
Language:English
Subjects:
APPLIED RESEARCH
ECONOMICS
HEAVILY EMPHASIZES METHODOLOGY OR TECHNIQUE OF STUDY
MILTON FRIEDMAN
PUBLIC ADMINISTRATION
PUBLIC POLICY
SCIENTIFIC MODELS
SOCIAL SCIENCES
SOCIOLOGY
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