JOURNAL ARTICLE
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Rationale Erwartungen in Makromodellen
Ein kritischer Überblick
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 99 (1979), Iss. 4 : pp. 371–401
2 Citations (CrossRef)
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Article Details
Neumann, Manfred J. M.
Cited By
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Empirical evidence on the rational expectations hypothesis using reported expectations
Aiginger, Karl
Empirica, Vol. 8 (1981), Iss. 1 P.25
https://doi.org/10.1007/BF00924901 [Citations: 15] -
Fristigkeitsaspekte in der Theorie der Stabilisierungspolitik
Hansjörg, Klausinger,
Credit and Capital Markets - Kredit und Kapital, Vol. 17 (1984), Iss. 2 P.180
https://doi.org/10.3790/ccm.17.2.180 [Citations: 1]
Abstract
This article surveys critically the literature on the integration of rational expectations into macromodels. Various objections to and extensions of the Lucas-Sargent-Wallace analysis are examined within a simple model. Also convergence problems are discussed stressing the conditioning role of information costs. Conclusions: (1) Rationality prevents market participants from identifying completely the structure; (2) it appears to be promising to combine rational expectations formation with operational hypotheses on the content and evolution of limited information positions of market participants as well as policy makers; (3) Friedman-type rules are relevant in a world of limited information rather than in the Sargent-Wallace world.