Expectations: Theory and Applications from Historical PerspectivesArie Arnon, Warren Young, Karine van der Beek Springer Nature, 20 de març 2020 - 238 pàgines This book provides a unique historical perspective on expectations in economic theory, and applications of expectations models in economic history. Based on papers presented at the 2017 Thomas Guggenheim Conference, it brings together the work of economists, historians of economics, and economic historians on issues and events concerning expectations in economics and economic history. The contributions address: (i) the history of expectations models; (ii) growth, expectations and political economy; (iii) controversies regarding expectations methods and models; (iv) expectations in theory and reality; and (v) expectations in economic history. The book opens with a lecture by Thomas Guggenheim Prize winner Duncan Foley on the evolution of expectations in modern economic thought. The remaining content is divided into two parts, the first of which focuses on the utilization of expectations in the “ancient” and “meso” periods of high theory, i.e., from Smithian to Keynesian approaches. The papers cover topics such as “modern” applications of expectations in both “Tobinesque-Phillips” and “Harrodian-Solowian” contexts, and the debate between Friedmanite and Keynesian approaches to expectation formation. In turn, the last part presents essays on the role of economic expectations in connection with historical events and contexts, ranging from the early 20th century to World War II, and on the application of expectations theory to hyperinflation and stabilization, taking Israel as a case study. |
Continguts
3 | |
Classics and Moderns | 18 |
The Nuanced Role of Expectations in Classical Economics | 19 |
Expectations Conjectures and Beliefs The Legacy of Marshall Kahn and Keynes | 53 |
Champernowne on Employment and Expectations | 68 |
Keynes and Friedman on Expectations Mismatches During the Great Depression | 87 |
The Fisherian and Keynesian Roots of Tobins q and Corridor of Stability | 109 |
The Original Sin of Neoclassical Growth Models | 121 |
Then and Now | 131 |
Economic Models and Case Studies | 146 |
The War that Bond Markets Did not Perceive as Such | 147 |
19391941 | 169 |
Role of Inflationary Expectations | 185 |
Implications for Tests of Market Efficiency and for Expected Inflation During Turbulent and Tranquil Times | 215 |
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Expectations: Theory and Applications from Historical Perspectives Arie Arnon,Warren Young,Karine van der Beek Previsualització no disponible - 2021 |
Expectations: Theory and Applications from Historical Perspectives Arie Arnon,Warren Young,Karine van der Beek Previsualització no disponible - 2020 |
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