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Macroeconomic Policy, Evolution, and Self-Confirming Equilibrium
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1830-7736
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EUI MWP LS; 2008/08
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SARGENT, Thomas J., Macroeconomic Policy, Evolution, and Self-Confirming Equilibrium, EUI MWP LS, 2008/08 - https://hdl.handle.net/1814/9028
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.