Read The Conquest of American Inflation

The Conquest of American Inflation

Thomas J. Sargent

4.9/5 (18682 ratings)

Description:In the past fifteen years, inflation has been conquered by many advanced countries. History reveals, however, that it has been conquered before and returned. In The Conquest of American Inflation, Thomas J. Sargent presents a groundbreaking analysis of the rise and fall of U.S. inflation after 1960. He examines two broad explanations for the behavior of inflation and unemployment in this the natural-rate hypothesis joined to the Lucas critique and a more traditional econometric policy evaluation modified to include adaptive expectations and learning. His purpose is not only to determine which is the better account, but also to codify for the benefit of the next generation the economic forces that cause inflation.Sargent begins with an explanation of how American policymakers increased inflation in the early 1960s by following erroneous assumptions about the exploitability of the Phillips curve--the inverse relationship between inflation and unemployment. In subsequent chapters, he connects a sequence of ideas--self-confirming equilibria, least-squares and other adaptive or recursive learning algorithms, convergence of least-squares learners with self-confirming equilibria, and recurrent dynamics along escape routes from self-confirming equilibria. Sargent synthesizes results from macroeconomics, game theory, control theory, and other fields to extend both adaptive expectations and rational expectations theory, and he compellingly describes postwar inflation in terms of drifting coefficients. He interprets his results in favor of adaptive expectations as the relevant mechanism affecting inflation policy.Providing an original methodological link between theoretical and policy economics, this book will engender much debate and become an indispensable text for academics, graduate students, and professional economists.We have made it easy for you to find a PDF Ebooks without any digging. And by having access to our ebooks online or by storing it on your computer, you have convenient answers with The Conquest of American Inflation. To get started finding The Conquest of American Inflation, you are right to find our website which has a comprehensive collection of manuals listed.
Our library is the biggest of these that have literally hundreds of thousands of different products represented.

Pages: —

Format: PDF, EPUB & Kindle Edition

Publisher: —

Release: —

ISBN: 0691186685

Description: In the past fifteen years, inflation has been conquered by many advanced countries. History reveals, however, that it has been conquered before and returned. In The Conquest of American Inflation, Thomas J. Sargent presents a groundbreaking analysis of the rise and fall of U.S. inflation after 1960. He examines two broad explanations for the behavior of inflation and unemployment in this the natural-rate hypothesis joined to the Lucas critique and a more traditional econometric policy evaluation modified to include adaptive expectations and learning. His purpose is not only to determine which is the better account, but also to codify for the benefit of the next generation the economic forces that cause inflation.Sargent begins with an explanation of how American policymakers increased inflation in the early 1960s by following erroneous assumptions about the exploitability of the Phillips curve--the inverse relationship between inflation and unemployment. In subsequent chapters, he connects a sequence of ideas--self-confirming equilibria, least-squares and other adaptive or recursive learning algorithms, convergence of least-squares learners with self-confirming equilibria, and recurrent dynamics along escape routes from self-confirming equilibria. Sargent synthesizes results from macroeconomics, game theory, control theory, and other fields to extend both adaptive expectations and rational expectations theory, and he compellingly describes postwar inflation in terms of drifting coefficients. He interprets his results in favor of adaptive expectations as the relevant mechanism affecting inflation policy.Providing an original methodological link between theoretical and policy economics, this book will engender much debate and become an indispensable text for academics, graduate students, and professional economists.We have made it easy for you to find a PDF Ebooks without any digging. And by having access to our ebooks online or by storing it on your computer, you have convenient answers with The Conquest of American Inflation. To get started finding The Conquest of American Inflation, you are right to find our website which has a comprehensive collection of manuals listed.
Our library is the biggest of these that have literally hundreds of thousands of different products represented.

Special Offer | $0.00

Special Offer! | $0.00

The Conquest of American Inflation

The Conquest of American Inflation

More Books

Viaggi e avventure della moneta: Una conversazione con Thomas J. Sargent e Robert M. Townsend (Intersezioni) (Italian Edition)

Viaggi e avventure della moneta: Una conversazione con Thomas J. Sargent e Robert M. Townsend (Intersezioni) (Italian Edition)

Problems in Macroeconomic Theory: Solutions to Exercise from Thomas J. Sargent's "Macroeconomic Theory" (Economic Theory, Econometrics, and Mathematical Economics)

Problems in Macroeconomic Theory: Solutions to Exercise from Thomas J. Sargent's "Macroeconomic Theory" (Economic Theory, Econometrics, and Mathematical Economics)

The Big Problem of Small Change

The Big Problem of Small Change

Uncertainty within Economic Models (World Scientific Series in Economic Theory) 1st edition by Lars Peter Hansen, Thomas J Sargent (2014) Hardcover

Uncertainty within Economic Models (World Scientific Series in Economic Theory) 1st edition by Lars Peter Hansen, Thomas J Sargent (2014) Hardcover

Dynamic Macroeconomic Theory

Dynamic Macroeconomic Theory

Rational Expectations and Inflation (Harpercollins Series in Economics)

Rational Expectations and Inflation (Harpercollins Series in Economics)

Macroeconomic Theory (Economic Theory, Econometrics, and Mathematical Economics Series) by Thomas J. Sargent (1987-11-28) Hardcover

Macroeconomic Theory (Economic Theory, Econometrics, and Mathematical Economics Series) by Thomas J. Sargent (1987-11-28) Hardcover

Projected U.S. demographics and social security Mariacristina De Nardi, Selahattin İmrohoroǧlu, Thomas J. Sargent. 1998 [Leather Bound]

Projected U.S. demographics and social security Mariacristina De Nardi, Selahattin İmrohoroǧlu, Thomas J. Sargent. 1998 [Leather Bound]

Macroeconomic Theory (Economic Theory, Econometrics, and Mathematical Economics Series) by Thomas J. Sargent (1987-11-28)

Macroeconomic Theory (Economic Theory, Econometrics, and Mathematical Economics Series) by Thomas J. Sargent (1987-11-28)