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Rational Expectations Models (rational + expectation_models)
Selected AbstractsMeasures of Fit for Rational Expectations ModelsJOURNAL OF ECONOMIC SURVEYS, Issue 3 2002Tom Engsted This survey provides a detailed description of some of the recent theoretical and empirical literature on rational expectations econometrics. The survey pays special attention to non,stationarity of the data, and to the various methods for evaluating rational expectations models that have been developed as alternatives to the classical statistical approach of testing overidentifying restrictions. These methods have become very popular and widely used in empirical research. We provide an illustration using Danish stock market data, and we summarize the many results obtained recently using these measures in areas as diverse as stock prices, the term structure of interest rates, exchange rates, consumption and saving, the balance of payments, tax,smoothing, hyperinflation, and linear quadratic adjustment cost models for inventories, labour demand, and money demand. [source] Composite price expectations: An empirical analysis for the Spanish horticultural sectorAGRIBUSINESS : AN INTERNATIONAL JOURNAL, Issue 1 2007Emilio Galdeano-Gómez This article aims to determine the extent to which available information is used to formulate price expectations in the horticultural sector in southeastern Spain. In recent decades this sector, which exports mainly to European Union (E.U.) food distribution centers, has witnessed a greater correlation between production and marketing due to the influence of cooperatives. This has led to an increase in the availability and use of information for forecasting the different variables. This analysis proposes the combination of rational expectation models and lagged price expectation models. It also compares the proposed model with other traditional expectation models. The results suggest that current market information (rational expectation viewpoint) is being used complementary to lagged prices and show the suitability of a rational composite expectation model. [EconLit classification: D840, Q110, Q130]. © 2007 Wiley Periodicals, Inc. Agribusiness 23: 57,83, 2007. [source] The E-Correspondence PrincipleECONOMICA, Issue 293 2007GEORGE W. EVANS We present a new application of Samuelson's Correspondence Principle to the analysis of comparative dynamics in stochastic rational expectations models. Our version, which we call the E-correspondence principle, applies to rational expectations equilibria that are stable under least squares and closely related learning rules. With this technique it is sometimes possible to study, without explicitly solving for the equilibrium, how qualitative properties of the equilibrium are affected by changes in the model parameters. Applications to overlapping generations and New Keynesian models illustrate the potential of the technique. [source] Measures of Fit for Rational Expectations ModelsJOURNAL OF ECONOMIC SURVEYS, Issue 3 2002Tom Engsted This survey provides a detailed description of some of the recent theoretical and empirical literature on rational expectations econometrics. The survey pays special attention to non,stationarity of the data, and to the various methods for evaluating rational expectations models that have been developed as alternatives to the classical statistical approach of testing overidentifying restrictions. These methods have become very popular and widely used in empirical research. We provide an illustration using Danish stock market data, and we summarize the many results obtained recently using these measures in areas as diverse as stock prices, the term structure of interest rates, exchange rates, consumption and saving, the balance of payments, tax,smoothing, hyperinflation, and linear quadratic adjustment cost models for inventories, labour demand, and money demand. [source] | ||||||||||