The Rational Expectations Revolution: Readings from the Front Line, vol 1

Edited by Preston J. Miller

in MIT Press Books from The MIT Press

Abstract: These twenty-one collected readings describe the origins and growth of the revolutionary approach to macroeconomic analysis known as rational expectations. The readings trace the development of this approach from the late 1970s, when it was viewed by many as radical, to the present, when it has attained a central position in macroeconomic theory and policymaking. In the 1970s the rational expectations school challenged the traditional Keynesian view of the world. Economic models built on the ideas of John Maynard Keynes treat the economy more or less as a system of controllable inanimate objects blindly following rules. Models built on the new ideas attempt to acknowledge the ability of humans to change behavior when they expect economic policies to change. The repercussions of this dramatic shift in thought are still being felt among practicing macroeconomic theorists and policymakers.

Keywords: rational expectations; macroeconomic analysis (search for similar items in EconPapers)
JEL-codes: B22 E12 (search for similar items in EconPapers)
Date: 1994
Edition: 1
ISBN: 0-262-63155-5
References: Add references at CitEc
Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:mtp:titles:0262631555

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