Rational Expectations and Econometric Practice

by Robert E Lucas
Publisher: University of Minnesota Press | ISBN: 0816609160 | edition 1981 | PDF | 689 pages | 13,6 mb



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Rational Expectations and Econometric Practice was first published in 1981. Minnesota Archive Editions uses digital technology to make long-unavailable books once again accessible, and are published unaltered from the originalUniversity of Minnesota Press editions. Assumptions about how people form expectations for the future shape the properties of any dynamic economic model. To make economic decisions in an uncertain environment people must forecast such variables as future rates of inflation, tax rates, government subsidy schemes and regulations. The doctrine ofrational expectations uses standard economic methods to explain how those expectations are formed.