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Rethinking Expectations: The Way Forward for Macroeconomics
Roman (Edit Frydman
€ 83.15
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Description for Rethinking Expectations: The Way Forward for Macroeconomics
Hardback. Editor(s): Frydman, Roman; Phelps, Edmund S. Num Pages: 440 pages, 48 line illus. 18 tables. BIC Classification: KCA; KCB; KFF; KFFK. Category: (P) Professional & Vocational; (U) Tertiary Education (US: College). Dimension: 241 x 164 x 33. Weight in Grams: 738.
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 autonomous role, contemporary models rely ... Read more
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 autonomous role, contemporary models rely ... Read more
Product Details
Format
Hardback
Publication date
2013
Publisher
Princeton University Press
Number of pages
440
Condition
New
Number of Pages
440
Place of Publication
New Jersey, United States
ISBN
9780691155234
SKU
V9780691155234
Shipping Time
Usually ships in 15 to 20 working days
Ref
99-15
About Roman (Edit Frydman
Roman Frydman is professor of economics at New York University and the coauthor (with Michael D. Goldberg) of Beyond Mechanical Markets and Imperfect Knowledge Economics. Edmund S. Phelps, the winner of the 2006 Nobel Prize in Economics, is director of Columbia University's Center on Capitalism and Society. His many books include Structural Slumps and Seven Schools of Macroeconomic Thought.
Reviews for Rethinking Expectations: The Way Forward for Macroeconomics
"The 1970 Phelps volume has been extremely influential in macroeconomics. Three of its contributors went on to win Nobel prizes for work detailed in the book, and it inspired many others who contributed to the small equilibrium models that became the workhorses of macroeconomics. Yet virtually all of these models use the assumption of rational expectations. In this new volume, ... Read more