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Rational Expectations And Monetary Theory: An Investigative Paper[1960 - 1989]

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  • DR. GODWIN CHUKWUDUM NWAOBI

    (QUANTITATIVE ECONOMIC RESEARCH BUREAU, NIGERIA)

Abstract

SINCE 1930, EXPECTATIONS HAVE PLAYED AN IMPORTANT ROLE IN ECONOMIC THEORY AND THIS IS BECAUSE ECONOMICS IS GENERALLY CONCERNED WITH THE IMPLICATIONS OF CURRENT ACTIONS FOR THE FUTURE. THIS PAPER THEREFORE ARGUES THAT THE DEVELOPMENT OF RATIONAL EXPECTATIONS THEORY WILL MAKE A MORE SIGNIFICANT CONTRIBUTION TO ECONOMICS(AND IN PARTICULAR, MONETARY ECONOMICS) IN THE IMPETUS IT GIVES TO RESEARCH ON THE VITAL AREAS OF LEARNING AND PRICE EXPECTATIONS FORMATION

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Bibliographic Info

Paper provided by EconWPA in its series Macroeconomics with number 0501001.

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Length: 10 pages
Date of creation: 02 Jan 2005
Date of revision:
Handle: RePEc:wpa:wuwpma:0501001

Note: Type of Document - pdf; pages: 10. THIS IS A PREVIOUS RESEARCH PAPER FOR PUBLIC ACCESS
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Web page: http://128.118.178.162

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Keywords: RATIONAL EXPECTATIONS; MONETARY THEORY; AUGUMENTED PHILLIPS CURVE; INFLATION; OUTPUT; PRICES;

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References

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  1. Pesaran, M H, 1982. "A Critique of the Proposed Tests of the Natural Rate-Rational Expectations Hypothesis," Economic Journal, Royal Economic Society, vol. 92(367), pages 529-54, September.
  2. Hanson, James A, 1980. "The Short-Run Relation between Growth and Inflation in Latin America: A Quasi-Rational or Consistent Expectations Approach," American Economic Review, American Economic Association, vol. 70(5), pages 972-89, December.
  3. Adalbert Knöbl, 1974. "Price Expectations and Actual Price Behavior in Germany (Allemagne: anticipations et évolution effective des prix) (Expectativas y comportamiento real de los precios en Alemania)," IMF Staff Papers, Palgrave Macmillan, vol. 21(1), pages 83-100, March.
  4. Frank Hahn, 1985. "Money and Inflation," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262580624, December.
  5. Barro, Robert J, 1978. "Unanticipated Money, Output, and the Price Level in the United States," Journal of Political Economy, University of Chicago Press, vol. 86(4), pages 549-80, August.
  6. Mishkin, Frederic S, 1982. "Does Anticipated Monetary Policy Matter? An Econometric Investigation," Journal of Political Economy, University of Chicago Press, vol. 90(1), pages 22-51, February.
  7. Frenkel, Jacob A, 1977. "The Forward Exchange Rate, Expectations, and the Demand for Money: The German Hyperinflation," American Economic Review, American Economic Association, vol. 67(4), pages 653-70, September.
  8. Grossman, Jacob, 1979. "Nominal Demand Policy and Short-Run Fluctuations in Unemployment and Prices in the United States," Journal of Political Economy, University of Chicago Press, vol. 87(5), pages 1063-85, October.
  9. Shaw, Graham K, 1987. "Rational Expectations," Bulletin of Economic Research, Wiley Blackwell, vol. 39(3), pages 187-209, July.
  10. Alberro, Jose, 1981. "The Lucas hypothesis on the Phillips Curve : Further international evidence," Journal of Monetary Economics, Elsevier, vol. 7(2), pages 239-250.
  11. Leiderman, Leonardo, 1980. "Macroeconometric testing of the rational expectations and structural neutrality hypotheses for the United States," Journal of Monetary Economics, Elsevier, vol. 6(1), pages 69-82, January.
  12. Benjamin M. Friedman, 1980. "Survey Evidence on The Rationality of Interest Rate Expectations," NBER Working Papers 0261, National Bureau of Economic Research, Inc.
  13. Perry, George L, 1984. "Reflections on Macroeconomics," American Economic Review, American Economic Association, vol. 74(2), pages 401-07, May.
  14. Barro, Robert J, 1977. "Unanticipated Money Growth and Unemployment in the United States," American Economic Review, American Economic Association, vol. 67(2), pages 101-15, March.
  15. Fratianni, Michele, 1978. "Inflation and unanticipated changes in output in Italy," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 8(1), pages 141-180, January.
  16. Defris, L. V. & Williams, R. A., 1979. "Quantitative versus qualitative measures of price expectations: The evidence from Australian consumer surveys," Economics Letters, Elsevier, vol. 2(2), pages 169-173.
  17. Carlson, John A & Parkin, J Michael, 1975. "Inflation Expectations," Economica, London School of Economics and Political Science, vol. 42(166), pages 123-38, May.
  18. Barro, Robert J., 1976. "Rational expectations and the role of monetary policy," Journal of Monetary Economics, Elsevier, vol. 2(1), pages 1-32, January.
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Cited by:
  1. Dr. Godwin Chukwudum Nwaobi, 2004. "Modelling Economic Fluctuations In Subsaharan Africa:A Vector Autoregressive Approach," Macroeconomics 0406008, EconWPA.

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