Lucas Critique and the Essence of New Classical Approach: Rational expectation - PowerPoint PPT Presentation

malina
lucas critique and the essence of new classical approach rational expectation n.
Skip this Video
Loading SlideShow in 5 Seconds..
Lucas Critique and the Essence of New Classical Approach: Rational expectation PowerPoint Presentation
Download Presentation
Lucas Critique and the Essence of New Classical Approach: Rational expectation

play fullscreen
1 / 15
Download Presentation
Lucas Critique and the Essence of New Classical Approach: Rational expectation
117 Views
Download Presentation

Lucas Critique and the Essence of New Classical Approach: Rational expectation

- - - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript

  1. Lucas Critique and the Essence of New Classical Approach: Rational expectation Macroeconomic Themes:3

  2. There are five essential features in a New Classical model Macroeconomic Themes:3

  3. Aggregate Supply and Technology Shock Macroeconomic Themes:3

  4. A Simple long run new classical macro economic model with the productivity shock (very similar to Ramsey (1927) problem) Macroeconomic Themes:3

  5. Aggregate supply Macroeconomic Themes:3

  6. Price Movement and Monetary Policy Rule Macroeconomic Themes:3

  7. Expected and Actual Prices Macroeconomic Themes:3

  8. Policy Irrelevance Proposition Macroeconomic Themes:3

  9. Policy Irrelevance Proposition Macroeconomic Themes:3

  10. How to Test a Rational Expectation Model? Macroeconomic Themes:3

  11. What do other economists think of this conclusion? Macroeconomic Themes:3

  12. Adaptive Expectation Macroeconomic Themes:3

  13. Adaptive Expectation Macroeconomic Themes:3

  14. Adaptive Expectation Macroeconomic Themes:3

  15. References Macroeconomic Themes:3