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| Tekijä: | Guesnerie, R. |
| Otsikko: | The Government and Market Expectations |
| Lehti: | Journal of Institutional and Theoretical Economics
2001 : MAR, VOL. 157:1, p. 116-126 |
| Asiasana: | GOVERNMENT MARKETS FINANCIAL CRISES |
| Kieli: | eng |
| Tiivistelmä: | The paper discusses the concept of "expectational market failures" it attempts to assess the scope for Government intervention aiming at stabilizing economic agents' expectations. The rational-expectations hypothesis, "evolutive" and "educative" learning, credibility, "indicative planning", financial crisis, "knowledge failure" are some of the key words of the discussion. The main policy discussions of our time, whether they concern international trade, industry regulations, or anything else, ignore extrinsic uncertainty almost completely. The main message of this paper is that they should not. Furthermore a provisional conclusion is offered in this paper. |
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