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Dynamic macroeconomic theory Thomas J. Sargent
Publisher: Harvard University Press

Provide some early examples of rational expectations models of Sargent has also been a pioneer in introducing recursive economics to academic study, especially for macroeconomic issues such as unemployment, fiscal and monetary policy, and growth. Help make the theory of rational expectations statistically operational. Jun 21, 2012 - Economists call these two effects the "substitution effect" and the "income effect," respectively, but economic theory alone cannot say which one is larger, and analysis of actual data is required. Analyzing people's decisions about how much to work is not a First, as explained earlier, there is little consensus among economists on the size of macroeconomic feedbacks, and they are likely to be small. Now we can accurately predict superstorm Sandy. Micro is much more readily testable than macro .. Oct 3, 2007 - In a somewhat different capacity, this book is also a graduate-level introduction to modern macroeconomics and dynamic economic analysis. Aug 17, 2005 - We find generally similar results to BBE, which in many cases accord with standard macroeconomic theory; but we also find many rejections of the overidentifying restrictions. It used to be impossible to model dynamic systems. May 9, 2014 - While I think that microfoundations can be taken too far (I tend to think that consistency is all that should be required, and even then empirically successful macro theories that are inconsistent with micro theory can be stimuli for further micro research) this indirect role of evidence in macro can have a lot of benefits. Feb 5, 2014 - trace the implications of rational expectations, with Neil Wallace, for alternative monetary-policy instruments and rules on output stability and price determinacy.