The Rational Expectations Revolution: Readings from the Front Line
- Preston J. Miller(Federal Reserve Bank of Minneapolis)
These twenty-one collected readings describe the origins and growth of the revolutionary approach to macroeconomic analysis known as rational expectations. The readings trace the development of this approach from the late 1970s, when it was viewed by many as radical, to the present, when it has attained a central position in macroeconomic theory and policymaking. In the 1970s the rational expectations school challenged the traditional Keynesian view of the world. Economic models built on the ideas of John Maynard Keynes treat the economy more or less as a system of controllable inanimate objects blindly following rules. Models built on the new ideas attempt to acknowledge the ability of humans to change behavior when they expect economic policies to change. The repercussions of this dramatic shift in thought are still being felt among practicing macroeconomic theorists and policymakers.
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Find related papers by JEL classification:
- E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
- B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
- Maria Carme Riera i Prunera, 2003. "Deficit, human capital and economic growth dynamics," Working Papers in Economics 102, Universitat de Barcelona. Espai de Recerca en Economia.
- Preston Miller, 2000. "Some fresh perspectives on price-support policies," Staff Report 266, Federal Reserve Bank of Minneapolis.
- Edward J. Green, 2001. "Central banking and the economics of information," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q II, pages 28-37.
- U. Stolzenburg & T. Lux, 2011. "Identification of a core-periphery structure among participants of a business climate survey," The European Physical Journal B - Condensed Matter and Complex Systems, Springer, vol. 84(4), pages 521-533, December.
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