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BL
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| Record Number
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879906
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| Main Entry
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Sargent, Thomas J.
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| Title & Author
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Rational expectations and inflation /\ Thomas J. Sargent.
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| Edition Statement
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3rd ed.
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| Publication Statement
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Princeton :: Princeton University Press,, ©2013.
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| Page. NO
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1 online resource
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| ISBN
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1299538894
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: 1400847648
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: 9781299538894
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: 9781400847648
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0691158703
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9780691158709
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| Bibliographies/Indexes
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Includes bibliographical references and indexes.
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| Contents
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Cover; Title; Copyright; Dedication; Contents; LIST OF FIGURES; LIST OF TABLES; ACKNOWLEDGMENTS; PREFACE TO THE THIRD EDITION; PREFACE TO THE SECOND EDITION; PREFACE TO THE FIRST EDITION; 1. RATIONAL EXPECTATIONS AND THE RECONSTRUCTION OF MACROECONOMICS; Behavior Changes with the Rules of the Game; The Investment Decision; Are Government Deficits Inflationary?; General Implications of the Examples; New Econometric Methods; Historical and Cross-Country Analysis; Implications for Policymakers; 2. REAGANOMICS AND CREDIBILITY; Dynamic Games; An Economy as a Dynamic Game.
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8. SIX ESSAYS IN PERSUASIONBack to Basics on Budgets; Confrontations over Deficits; An Open Letter to the Brazilian Finance Minister; Letter to Another Brazilian Finance Minister; The Economics Are Simple; Credibility; A Delicate Institutional Issue; Advice; Reasonable Doubt about the Real Plan; An American History Lesson for Europe; 9. MACROECONOMIC FEATURES OF THE FRENCH REVOLUTION; Introduction; Chronology of Events; Macroeconomic Theories Coloring Our Observations; Before the Revolution; Even Absolute Monarchies Have Budget Constraints; The British Experience; Across the Channel.
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Are Government Deficits Inflationary?Reaganomics and Credibility; Conclusion; 3. THE ENDS OF FOUR BIG INFLATIONS; Introduction; The Gold Standard; Austria; Hungary; Poland; Germany; Czechoslovakia; Conclusion; Appendix; 4. STOPPING MODERATE INFLATIONS: THE METHODS OF POINCARÉ AND THATCHER; Introduction; The ""Poincaré Miracle''; The British Experience; Mrs. Thatcher's Plan; The Outcome of the Plan So Far; Overshooting the £M3 Target; The Government Deficit; North Sea Oil and the Pound Sterling; Conclusion; Second Thoughts; Poincaré and Moreau; Methods of Thatcher and Reagan.
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French Fiscal Backwardness or Optimality?Snapshot of the Old Regime Laws; Offices; Taxes; Apology for the Old Regime; Fiscal Pressures to Reform; Sentiment for Copying Britain; A Temptation Resisted; Sustainability or Bad Choices?; The Last Fiscal Crisis of the Old Regime; The Search for a New Order; Annus Mirabilis (1789); Some Adverse and Persistent Revenue Shocks; Designing a New Tax System; Birth of a Currency; Rise and Fall of the Assignat; A Real-Bills Regime (1790-92); War; Terror (1793-94); Legal Restrictions; Hyperinflation (1795-96); The Government's Response; Default; The Legacy.
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Where to Play Chicken5. SOME UNPLEASANT MONETARIST ARITHMETIC; Introduction; A Simple Monetarist Model; The Cagan-Bresciani-Turroni Effect; Conclusions and Qualifications; Appendix 1; Appendix 2; Appendix 3; 6. INTERPRETING THE REAGAN DEFICITS; Government Budget Balance; Barro Tax Smoothing; Wallace's Game of Chicken; Conclusion; Appendix; Hall's Model; Barro's Model; 7. SPECULATIONS ABOUT THE SPECULATION AGAINST THE HONG KONG DOLLAR; A Look at Hong Kong's Monetary System; The Official Float Policy; An Indeterminate Exchange Rate?; A Timely Depreciation; Hong Kong's Other Options; Epilogue.
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| Abstract
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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, demonstrat.
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| Subject
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Inflation (Finance)
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Rational expectations (Economic theory)
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| Subject
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BUSINESS ECONOMICS-- Banks Banking.
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| Subject
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BUSINESS ECONOMICS-- Inflation.
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| Subject
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Inflation (Finance)
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| Subject
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Rational expectations (Economic theory)
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| Dewey Classification
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332.4/1
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| LC Classification
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HG229.S295 2013
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