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Assessing Rational Expectations: Sunspot Multiplicity and Economic Fluctuations

ISBN13: 9780262072076
ISBN: 0262072076
Binding: Hardcover
List Price: $45.0
Publisher: The MIT Press
Published Date:
Edition 1st
Pages: 343

In this book Roger Guesnerie contributes to the critical assessment of the Rational Expectations hypothesis (REH). He focuses on the multiplicity question that arises in (infinite horizon) Rational Expectation models and considers the implications for a theory of endogenous fluctuations. The REH, which dominates the economic modelling of expectations in most fields of formalized economic theory, is often associated with an optimistic view of the working of the markets - a view that Guesnerie scrutinizes closely.