Rational expectations and inflation / Thomas J. Sargent.

Format:

Book

Author/Creator:

Sargent, Thomas John.

Language:

English

Subjects (All):

Inflation (Finance).

Rational expectations (Economic theory).

Physical Description:

1 online resource (390 p.)

Edition:

3rd ed.

Place of Publication:

Princeton, NJ : Princeton University Press, c2013.

Language Note:

English

Summary:

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, demonstrating how rational expectations can satisfactorily interpret a range of historical and contemporary events. He focuses on periods of actual or threatened depreciation in the value of a nation's currency. Drawing on historical attempts to counter inflation, from the French Revolution and the aftermath of World War I to the economic policies of Margaret Thatcher and Ronald Reagan, Sargent finds that there is no purely monetary cure for inflation; rather, monetary and fiscal policies must be coordinated. This fully expanded edition of Rational Expectations and Inflation includes Sargent's 2011 Nobel lecture, "United States Then, Europe Now." It also features new articles on the macroeconomics of the French Revolution and government budget deficits.

Contents:

Frontmatter

Contents

List of Figures

List of Tables

Acknowledgements

Preface to the Third Edition

Preface to the Second Edition

Preface to the First Edition

1. Rational Expectations and the Reconstruction of Macroeconomics

2. Reaganomics and Credibility

3. The Ends of Four Big Inflations

4. Stopping Moderate Inflations: The Methods of Poincaré and Thatcher

5. Some Unpleasant Monetarist Arithmetic

6. Interpreting the Reagan Deficits

7. Speculations about the Speculation against the Hong Kong Dollar

8. Six Essays in Persuasion

9. Macroeconomic Features of the French Revolution

10. United States Then, Europe Now

References

Author Index

Subject Index

Notes:

Description based upon print version of record.

Includes bibliographical references and index.

Description based on online resource; title from PDF title page (publisher's Web site, viewed 08. Jul 2019)

ISBN:

9781400847648

1400847648

OCLC:

846544288