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Assessing Rational Expectations 2
A theoretical assessment of the Rational Expectations Hypothesis through subjecting a collection of economic models to an "eductive stability" test. The rational expectations hypothesis (REH) dominates economic modeling in areas ranging from monetary theory, macroeconomics, and general equilibrium to finance. In this book, Roger Guesnerie continues the critical analysis of the REH begun in his Assessing Rational Expectations: Sunspot Multiplicity and Economic Fluctuations, which dealt with the questions raised by multiplicity and its implications for a theory of endogenous fluctuations. This second volume emphasizes "eductive" learning: relying on careful reasoning, agents must deduce what o...
Assessing Rational Expectations
Roger Guesnerie contributes to the critical assessment of the Rational Expectations hypothesis (REH).
Assessing Rational Expectations
Roger Guesnerie contributes to the critical assessment of the Rational Expectations hypothesis (REH). 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 modeling 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. The book is divided into four parts. The first part uses the framework of simple ...
Assessing Rational Expectations 2
A theoretical assessment of the Rational Expectations Hypothesis through subjecting a collection of economic models to an "eductive stability" test.
A Contribution to the Pure Theory of Taxation
This book investigates the way in which tax systems affect economic efficiency and the distribution of welfare. It examines within a unified framework questions that are usually treated in different areas of the literature: institutional economics, positive economics, normative economics, and political economics. It adheres to the rigorous standards of pure theory while paying careful attention to the policy relevance of the arguments. Tax systems are viewed as information extracting devices that generate sets of equilibria of complex geometry. A tax reform methodology is proposed that sheds light on optimal taxes. Social conflicts in the determination of taxes are shown to have effects on social cohesion.
General Equilibrium Analysis
2010 marks the hundredth anniversary of the death of Léon Walras, the brilliant originator and first formaliser of general equilibrium theory – one of the pillars of modern economic theory. In advancing much derided practical solutions Walras also displayed more concern for the problems of living in a second best world than is common in modern pure theories of the invisible hand, efficient market hypothesis, DSGE macroeconomics or the thinking of some contemporary free market admirers all based on general equilibrium theory. This book brings contributions from the likes of Kenneth Arrow, Alan Kirman, Richard Posner, Amartya Sen and Robert Solow to share their thoughts and reflections on the theoretical heritage of Léon Walras. Some authors reminisce on the part they played in the development of modern general economics theory; others reflect on the crucial part played by general equilibrium in the development of macroeconomics, microeconomics, growth theory, welfare economics and the theory of justice; others still complain about the wrong path economic theory took under the influence of post 1945 developments in general equilibrium theory.
Topics in Public Economics
The evolving modern world is characterized by two opposing trends: integration and segregation. On the one hand, we witness strong forces for segregation on the basis of nationality, ethnicity, religion, and culture in the former Soviet Union, the former Czechoslovakia, the former Yugoslavia, as well as in Northern Ireland, Spain, and Canada. These forces are quite strong and, in some cases, violent. On the other hand, the European Union and NAFTA represent the tendency for integration motivated primarily by economic considerations (such as gains from trade and scale economies). In fact, these opposing trends can be explained by the concepts developed in modern club theory, local public finance, and international trade.
Rethinking Expectations
This book originated from a 2010 conference marking the fortieth anniversary of the publication of the landmark "Phelps volume," Microeconomic Foundations of Employment and Inflation Theory, a book that is often credited with pioneering the currently dominant approach to macroeconomic analysis. However, in their provocative introductory essay, Roman Frydman and Edmund Phelps argue that the vast majority of macroeconomic and finance models developed over the last four decades derailed, rather than built on, the Phelps volume's "microfoundations" approach. Whereas the contributors to the 1970 volume recognized the fundamental importance of according market participants' expectations an autonom...
Knowledge, Beliefs and Economics
The contributors to this book also suggest the need for a more integrated perspective on the meaning, as well as the role, of knowledge and beliefs in economics in the future. Possible lines of future research such as the extension of the concept of rationality in economics or the focus on cognitive processes in economic action are discussed.
The Design of Climate Policy
Leading economists offer theoretical, quantitative, and policy perspectives on climate policy. Debates over post-Kyoto Protocol climate change policy often take note of two issues: the feasibility and desirability of international cooperation on climate change policies, given the failure of the United States to ratify Kyoto, and the very limited involvement of developing countries; and the optimal timing of climate policies. These essays by leading international economists in this book offer insights on both these concerns. The book first considers the appropriate institutions for effective international cooperation on climate change, proposing an alternative to the Kyoto arrangement and a t...
