Macroeconomic Policy, Evolution, and Self-Confirming Equilibrium

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Macroeconomic Policy, Evolution, and Self-Confirming Equilibrium

SARGENT, Thomas J.
Title: Macroeconomic Policy, Evolution, and Self-Confirming Equilibrium
Author: SARGENT, Thomas J.
Subject: Induction; misspecification; self-confirming equilibrium; adaptation; inflation; Pareto; problem
Date: 2008
Series/Report no.: EUI MWP LS; 2008/08
URI: http://hdl.handle.net/1814/9028
ISSN: 1830-7736

Abstract:

This paper uses policy disputes about centuries of experience with commodity money systems and US monetary policy in the 1970s and 1980s to illustrate macroeconomists' enduring struggles with Hume's induction problem and their connection to selfconfirming equilibria

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