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Endogenous Expectations and Economic Policy

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  • Peter S. Sephton

Abstract

A great majority of the empirical work on rational expectations models of behaviour has been within the framework of a closed economic system. This paper attempts to deal with an open economy characterized by interest rate arbitrage and perfect capital mobility, within the context of a macroeconomic model which displays a non-market clearing version of the natural rate hypothesis. It can be viewed as a naive extension of Taylor (1979) or as an application of Muth (1960).

Suggested Citation

  • Peter S. Sephton, 1982. "Endogenous Expectations and Economic Policy," Working Paper 487, Economics Department, Queen's University.
  • Handle: RePEc:qed:wpaper:487
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