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

Book Description | Endorsements
Chapter 1 [in PDF format]

TABLE OF CONTENTS:

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

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File created: 4/28/2016

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