One of the most important developments in macroeconomics during the last decade has been the introduction of the rational expectations approach. Before the introduction of this method, economists relied on a variety of ad hoc mechanisms which often led to errors in their predictions. Studies in International Macroeconomics explains the ways in which the rational expectations method deals with uncertainty. It presents stochastic models and applies them to curent issues such as exchange rate determination, the effects of the rise and fall in oil prices, and the impact of wage indexing on the economy.
- ISBN10 0275920879
- ISBN13 9780275920876
- Publish Date 9 December 1986
- Publish Status Active
- Publish Country US
- Publisher ABC-CLIO
- Imprint Praeger Publishers Inc
- Format Hardcover
- Pages 279
- Language English