At the core of the rational expectations revolution is the insight that economic policy does not operate independently of economic agents' knowledge of that policy and their expectations of the effects of that policy. This means that there are very complicated feedback relationships existing between policy and the behaviour of economic agents, and these relationships pose very difficult problems in econometrics when one tries to exploit the rational expectations insight in formal economic ...

Bienvenue dans la collection Les Fiches de lecture d’UniversalisLa crise économique des années 1970, caractérisée notamment par la « stagflation » (situation durable de fort chômage et d’inflation élevée) met à mal les modèles macroéconomiques keynésiens, utilisés depuis la Seconde Guerre mondiale.Une fiche de lecture spécialement conçue pour le numérique, pour tout savoir sur Rational Expectations and Econometric Practice de Robert Lucas e...

A fully expanded edition of the Nobel Prize–winning economist's classic bookThis collection of essays uses the lens of rational expectations theory to examine how governments anticipate and plan for inflation, and provides insight into the pioneering research for which Thomas Sargent was awarded the 2011 Nobel Prize in economics. Rational expectations theory is based on the simple premise that people will use all the information available to them in making economic...

The Big Problem of Small Change offers the first credible and analytically sound explanation of how a problem that dogged monetary authorities for hundreds of years was finally solved. Two leading economists, Thomas Sargent and François Velde, examine the evolution of Western European economies through the lens of one of the classic problems of monetary history--the recurring scarcity and depreciation of small change. Through penetrating and clearly worded analysis, they tell the ...

A guide to the economic modeling of household preferences, from two leaders in the fieldA common set of mathematical tools underlies dynamic optimization, dynamic estimation, and filtering. In Recursive Models of Dynamic Linear Economies, Lars Peter Hansen and Thomas Sargent use these tools to create a class of econometrically tractable models of prices and quantities. They present examples from microeconomics, macroeconomics, and asset pricing. The models...

It has become increasingly clear that economies can fruitfully be viewed as networks, consisting of millions of nodes (households, firms, banks, etc.) connected by business, social, and legal relationships. These relationships shape many outcomes that economists often measure. Over the past few years, research on production networks has flourished, as economists try to understand supply-side dynamics, default cascades, aggregate fluctuations, and many other phenomena. Economic Networks pro...

World War I created a set of forces that affected the political arrangements and economies of all the countries involved. This period in global economic history between World War I and II offers rich material for studying international monetary and sovereign debt policies. Debt and Entanglements between the Wars focuses on the experiences of the United States, United Kingdom, four countries in the British Commonwealth (Australia, New Zealand, Canada, Newfoundland), France, Italy, Germany, ...

Written by Lars Peter Hansen (Nobel Laureate in Economics, 2013) and Thomas Sargent (Nobel Laureate in Economics, 2011), Uncertainty within Economic Models includes articles adapting and applying robust control theory to problems in economics and finance. This book extends rational expectations models by including agents who doubt their models and adopt precautionary decisions designed to protect themselves from adverse consequences of model misspecification. This behavior has consequences...

In the context of neoliberalism and global austerity measures, health care institutions around the world confront numerous challenges in attempting to meet the needs of local populations. Examples from Africa (including, Ethiopia, Ghana, and Congo), Latin America (Peru, Mexico, Guatemala), Western Europe (France, Greece), and the United States illustrate how hospitals play a significant role in the social production of health and disease in the communities where they are. Many low-resource...

REPORT OF The Lords Commissioners for Trade and Plantations. ON THE PETITION of the Honourable Thomas Walpole and his Associates, for a Grant of Lands on the River Ohio in North America. My Lords, Pursuant to your lordships order of the 25th May 1770, we have taken into our consideration the humble memorial of the honourable Thomas Walpole, Benjamin Franklin, John Sargent, and Samuel Wharton, Esquires, in behalf of themselves and their associates, setting forth (among Other things) "That t...

The essays in Energy, Foresight and Strategy apply rational expectation theory to various energy markets with the intention of discussing issues relevant to analysis and decision making in the whole of the energy field. Originally published in 1985, issues explored include oil exportation, energy prices and embargoes, both focussing on how past regulation has created issues in the market at the time of publication as well as creating models to ascertain the futures of various ener...

Calina Cabhair, a sixteen-year-old high school junior is trying to figure out what to do with the rest of her life. For her, deciding a path is no simple task. All that is pushed aside, however, when Calina accidentally falls through a portal that transports her to a land called Kollosnia. Calina is amazed by the new world, but she has little time to savor it, as she finds out she’s just landed in the middle of a brewing war, with the monstrous Dark King ruling the land. Calina has no inte...