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| Tekijä: | Bhaskara Rao, B. Srivastava, V. K. |
| Otsikko: | A disequilibrium model of rational expectations for the U.K. |
| Lehti: | Economic Journal
1991 : JUL, VOL. 101:407, p. 877-886 |
| Asiasana: | RATIONAL EXPECTATIONS DISEQUILIBRIUM THEORY MACROECONOMIC MODELS UNITED KINGDOM |
| Kieli: | eng |
| Tiivistelmä: | New classical policy ineffectiveness propositions are based not only on the assumption that price expectations are rational but also on the implicit assumption that the price level is fully flexible and clears the goods market within the unit time period. To overcome the limitations of the reduced form approaches, a disequilibrium version of the new classical rational expectations model for the U.K. was developed. The advantages of this approach are that it enables the identification of all the structural parameters, yields asymptotically more efficient parametric estimates, and provides methodologically a more satisfactory approach. |
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