Rethinking Expectations:
The Way Forward for Macroeconomics
Edited by Roman Frydman & Edmund S. Phelps

Book Description | Endorsements
Chapter 1 [in PDF format]


Which Way Forward for Macroeconomics and Policy Analysis? 1
Roman Frydman and Edmund S. Phelps
PART ONE Back to the Foundations
1 Expectational Coordination Failures and Market Volatility 49
    Roger Guesnerie
2 Learning as a Rational Foundation for Macroeconomics and Finance 68
   George W. Evans and Seppo Honkapohja
3 Keynes on Knowledge, Expectations, and Rationality 112
   Sheila Dow
4 The Imperfect Knowledge Imperative in Modern Macroeconomics and Finance Theory 130
   Roman Frydman and Michael D. Goldberg
PART TWO Autonomous Expectations in Long Swings in Asset Prices
5 Heterogeneous Gain Learning and Long Swings in Asset Prices 169
   Blake LeBaron
6 Opening Models of Asset Prices and Risk to Nonroutine Change 207
   Roman Frydman and Michael D. Goldberg
PART THREE Rethinking Unemployment-Inflation Trade-offs and the Natural Rate Theory
7 Animal Spirits, Persistent Unemployment, and the Belief Function 251
   Roger E. A. Farmer
8 Indeterminacies in Wage and Asset Price Expectations 277
   Edmund S. Phelps
9 The Long Swings of Employment, Investment, and Asset Prices 301
   Gylfi Zoega
10 Imperfect Knowledge, Asset Price Swings, and Structural Slumps 328
   Katarina Juselius
11 Stabilization Policies and Economic Growth 351
   Philippe Aghion and Enisse Kharroubi
PART FOUR Policymaking after "Rational Expectations"
12 Swings and the Rules-Discretion Balance 373
   John B. Taylor
13 Principled Policymaking in an Uncertain World 389
   Michael Woodford
Contributors 415
Index 421

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File created: 4/27/2015

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