...Rodney Maddock Muddock Rational expectations macrotheory 303 process, but there is no way of knowing for sure until a horse race is held. 25 Clearly, the horse race Sargent had in mind was to be an empirical one.26 But instead, also in 1975...

.... Friedman , M. , and L. Savage. 1952 . The Expected Utility Hypothesis and the Measurability of Utility. The Journal of Political Economy 60 ( December ): 463 -74. Hart , A. 1940 . Anticipations, Uncertainty and Profit . Chicago: University of Chicago Press. Hicks , J. 1931...

... and Expectancy in Dynamic Economics. Econometrica 1.3 : 247 –64. Tusset, G. 2004a . Money and Interest in an Atypical Neoclassical Economist: Gustavo Del Vecchio. Il pensiero economico italiano 12.1 : 99 –112. ———. 2004b . La teoria dinamica nel pensiero economico italiano (1890–1940) . Florence...

.... London: The Hogarth Press. Economics, Economists, and Expectations: Microfoundations to Macroappli- cations. By Warren Young, Robert Leeson, and William Darity, Jr. London: Rout- ledge, 2012. 176 pp. $54.95. Textbook writers are fond of a just-so story about the transformation of macroeco...

...William N. Butos; Roger G. Koppl The Varieties of Subjectivism: Keynes and Hayek on Expectations William N. Butos and Roger G. Koppl 1. Introduction The relationship between J. M. Keynes and Friedrich Hayek, as John Hicks (1967, chap. 12) notes, is curious. Despite profound...

... of an Equilibrium for a Competitive Economy. Econometrica 22 : 265 -90. Bossons, J., and F. Modigliani. 1966 . Statistical vs. Structural Explanations of Understatement and Regressivity in“Rational” Expectations. Econometrica 34.2 : 347 -53. Bronfenbrenner, Martin. 1992 . Letter to authors , 19...

...Bennett T. McCallum This brief article corrects or refines a few details about the work and career of John F. Muth and his involvement in the creation of rational expectations. Correspondence may be addressed to Bennett T. McCallum, Tepper School of Business, Carnegie Mellon University, 5000...

...Marcel Boumans The rational expectations revolution was not based only on the introduction of Muth’s idea of rational expectations to macroeconomics; this introduction alone cannot explain the more drastic changes to the mathematical toolbox, concepts, and research strategies since the 1980s...

... that dominated from the mid-1940s to the mid-1970s. It proceeds by comparing alternative survey programs funded by the Federal Reserve during that period, and analyzing the ensuing controversy on the purposes of the observation of attitudes, intentions, and expectations. It claims that understanding Katona’s...

.... Batchelor, Roy A., and Pami Dua. 1989 . Household versus Economist Forecasts of Inflation: A Reassessment. Journal of Money, Credit, and Banking 21.2 : 252 -57. Brown, Bryan W., and Shlomo Maital. 1981 . What Do Economists Know? An Empirical Study of “Expert” Expectations. Econometrica 49.2 : 491...

... CCC 0018-2702/89/$1.50 J. S. Mill and J. E. Cairnes on natural value: the role of expectations in late-classical thought Evelyn L. Forget The debate between S. Hollander and Cambridge historians’ of economics concerning price determination in the classical era has focussed on Ri...

... of Rational Expectations: An Assessment of Thomas Sargent’s Achievements. By Esther-Mirjam Sent. Cambridge and New York: Cam- bridge University Press, 1998. x; 242 pp. Esther-Mirjam Sent’s book, in which she provides an account of the development...

...David Andrews david.andrews@oswego.edu Keynes on Uncertainty and Tragic Happiness: Complexity and Expectations . By Anna M. Carabelli . Cham : Palgrave Macmillan , 2021 . vii; 182 pp. $59.99 . Copyright 2023 by Duke University Press 2023 References Keynes , John...

... expectations to rational expectations in the modeling and testing of this hypothesis. I argue that Phelps criticized the predominance of the regressive effect in price expectations in Lucas and Rapping's (1969a) labor market model as the explanation to the tradeoff between inflation and unemployment and also...

...Antonella Rancan This article reconstructs Franco Modigliani’s and Herbert Simon’s close collaboration over the 1950s on implementation of a decision theory under uncertainty that partly contributed to the genesis of behavioral economics and rational expectations theory. Their collaboration reveals...

... emerges. This article traces how Hayek's effort to produce a consistent business cycle theory led him to redevelop important parts of capital theory and the theory of expectations. The inherent difficulties of dealing with the durability of capital goods in an Austrian framework, as well as his evolving...

... of intertemporal optimization and rational expectations. carlos.garcia.gallego@correounivalle.edu.co Daniel.otero@correounivalle.edu.co boris.salazar@correounivalle.edu.co Copyright 2023 by Duke University Press 2023 Euler equation random-walk hypothesis drifting influence consumption...

... than on the formal conformity of data and economic programs with expectations of the IMF bureaucracy. For programs and statistics to be considered consistent , tables of estimates must be filled out, even when data are missing, and the economic diagnosis must comply with monetarist-dominant...

... agenda by expanding the conventional equilibrium framework of the 1930s to include (potentially diverging) expectations but gradually abandoned price coordination as the sole source of order in an economy. Instead, he set out to formulate an institutional theory of socially embedded plan coordination...

.... Comparisons between the two authors show that they are closer than we might expect. Gilfillan rejected the hero and genius accounts of inventors and supported instead an anonymous view of the invention process. Nevertheless, as shown by previous literature, Gilfillan could not fully get rid of a genius...