MACROECONOMISTS GETTING REAL?

By Greg Ransom, on February 13th, 2011%

Will wonders never cease? The Reis and Woodford’s heterogeneous expectations conference at Columbia University. Abstract:

Conventional models in both macroeconomics and finance are based on the hypothesis of rational expectations, under which all agents are assumed to have common expectations, corresponding to the probabilities implied by the economist’s model. The adequacy of this familiar hypothesis . . . → Read More: MACROECONOMISTS GETTING REAL?

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It is likely that many modern economists would have no difficulty accepting Hayek’s statement of the problem [of macroeconomics] as roughly equivalent to their own. Whether or not this is so, I wish .. to argue that it should be so, or that the most rapid progress toward a coherent and useful aggregate economic theory will result from the acceptance of the problem statement as advanced by [Hayek] — Robert Lucas
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