The rational expectations revolution : readings from the front line

Abstract

Part 1 The rational expectations approach to macroeconomic policymaking: after Keynesian macroeconomics, Robert E. Lucas Jr and Thomas J. Sargent rational expectations and the reconstruction of macroeconomics, Thomas J. Sargent time consistency and optimal policy design, V.V. Chari. Part 2 Monetary and budget policy analysis in closed economies: a legal restrictions theory of the demand for and the role of monetary policy, Neil Wallace some of the choices for monetary policy, Neil Wallace some unpleasant monetarist arithmetic, Thomas J. Sargent and Neil Wallace some pleasant monetarist arithmetic, Michael R. Darby a reply to Darby, Preston J. Miller and Thomas J. Sargent intergenerational linkages and government budget policies, S. Rao Aiyagari playing by the rules - a proposal for federal budget reform, V.V. Chari and Preston J. Miller. Part 3 Monetary and budget policy analysis in open economies: why markets in foreign exchange are different from other markets, Neil Wallace international coordination of macroeconomic policies - a welfare analysis, Preston J. Miller and Neil Wallace a case for fixing exchange rates, Arthur J. Rolnick and Warren E. Weber. Part 4 Business cycle analysis: theory ahead of business cycle measurement, Edward C. Prescott some skeptical observations on real business cycle theory, Lawrence H. Summers response to a skeptic, Edward C. Prescott business cycles - real facts and a monetary myth, Finn E. Kydland and Edward C. Prescott the labour market in real business cycle theory, Gary D. Hansen and Randall Wright economic fluctuations without shocks to fundamentals - or, does the stock market dance to its own music?, S. Rao Aiyagari. Part 5 Empirical macroeconomics: why is consumption less volatile than income?, Lawrence J. Christiano modelling the liquidity effect of a money shock, Lawrence J. Christiano.

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