Understanding expectational coordination as a major intellectual challenge: the “eductive” guide line

Roger Guesnerie
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Roger Guesnerie: PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement

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Abstract: The paper puts emphasis on the so-called "eductive" approach for a critical assessment of the Rational Expectations hypothesis. Section 2 makes an intuitive unformal presentation, aimed at comparing the approach and the results of "eductive" learning and "real time" learning in two polar models, (a two period partial equilibrium model and a simple Real Business Cycle mode). A segment of theoretical literature, taking an eductive view of stability in the fields of finance, trade, general equilibrium, short term or long term macroeconomics….is reviewed in Section 3.

Date: 2020-09
New Economics Papers: this item is included in nep-mac
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