Rational Expectations: Retrospect and Prospect
Copyright policy )Rational Expectations: Retrospect and Prospect
The transcript of a panel discussion marking the fiftieth anniversary of John Muth’s “Rational Expectations and the Theory of Price Movements” (Econometrica 1961). The panel consists of Michael Lovell, Robert Lucas, Dale Mortensen, Robert Shiller, and Neil Wallace. The discussion is moderated by Kevin Hoover and Warren Young. The panel touches on a wide variety of issues related to the rational-expectations hypothesis, including: its history, starting with Muth’s work at Carnegie Tech; its methodological role; applications to policy; its relationship to behavioral economics; its role in the recent financial crisis; and its likely future.
- Bar-Ilan University Israel
- Duke University United States
ddc:330, E17, behavioral economics, dynamics, macroeconomics, B31, rational expectations, B26, efficient markets, John F. Muth, macroeconomic policy, B22
ddc:330, E17, behavioral economics, dynamics, macroeconomics, B31, rational expectations, B26, efficient markets, John F. Muth, macroeconomic policy, B22
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