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Rational Expectations and Inflation
Thomas J. Sargent
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Sozialwissenschaften, Recht, Wirtschaft / Wirtschaft
Beschreibung
A fully expanded edition of the Nobel Prize–winning economist's classic book
This collection of essays uses the lens of rational expectations theory to examine how governments anticipate and plan for inflation, and provides insight into the pioneering research for which Thomas Sargent was awarded the 2011 Nobel Prize in economics. Rational expectations theory is based on the simple premise that people will use all the information available to them in making economic decisions, yet applying the theory to macroeconomics and econometrics is technically demanding. Here, Sargent engages with practical problems in economics in a less formal, noneconometric way, demonstrating how rational expectations can satisfactorily interpret a range of historical and contemporary events. He focuses on periods of actual or threatened depreciation in the value of a nation's currency. Drawing on historical attempts to counter inflation, from the French Revolution and the aftermath of World War I to the economic policies of Margaret Thatcher and Ronald Reagan, Sargent finds that there is no purely monetary cure for inflation; rather, monetary and fiscal policies must be coordinated.
This fully expanded edition of Rational Expectations and Inflation includes Sargent's 2011 Nobel lecture, "United States Then, Europe Now." It also features new articles on the macroeconomics of the French Revolution and government budget deficits.
Kundenbewertungen
Budget constraint, Economic policy, Asset, Monetarism, Monetary authority, Central bank, Tax revenue, Currency, Central government, Finance, Debt, Demand curve, Government debt, Fiscal policy, Monetary policy, Inflation tax, Expenditure, Government budget balance, Nominal interest rate, Arithmetic, Hong Kong dollar, Unemployment, Inflation, Milton Friedman, Policy, Present value, Economy, Balanced budget, Newsletter, Government bond, Par value, Macroeconomics, Budget, The Wall Street Journal, Creditor, Payment, Price level, Bond (finance), National debt of the United States, Value (economics), Tariff, Economics, Keynesian economics, Exchange rate, Indexation, Assignat, Public expenditure, Real versus nominal value (economics), Seigniorage, Liability (financial accounting), Government budget, Taxpayer, Investment, Tax, Fiat money, Tax rate, The New York Times, Interest, Hyperinflation, Depreciation, Tight Monetary Policy, Rational expectations, Interest rate, Economist, Real interest rate, Economic surplus, S.A. (corporation), Banknote, Supply (economics), Reaganomics