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.
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Produktdetaljer
ISBN
9781400847648
Publisert
2013
Utgave
3. utgave
Utgiver
Vendor
Princeton University Press
Språk
Product language
Engelsk
Format
Product format
Digital bok
Forfatter