Presenting an analysis of the rise and fall of U.S. inflation after 1960, this book examines two broad explanations for the behaviour of inflation and unemployment in this period: the natural-rate hypothesis joined to the Lucas critique and a more traditional econometric policy evaluation modified to include adaptive expectations and learning. The text begins with an explanation of how American policymakers increased inflation in the early 1960s by following erroneous assumptions about the exploitability of the Phillips ...
Read More
Presenting an analysis of the rise and fall of U.S. inflation after 1960, this book examines two broad explanations for the behaviour of inflation and unemployment in this period: the natural-rate hypothesis joined to the Lucas critique and a more traditional econometric policy evaluation modified to include adaptive expectations and learning. The text begins with an explanation of how American policymakers increased inflation in the early 1960s by following erroneous assumptions about the exploitability of the Phillips curve - the inverse-relationship between inflation and unemployment. In subsequent chapters, it connects a sequence of ideas, such as self-confirming equilibria, least-squares and other adaptive or recursive learning algorithms. The author synthesizes results from macroeconomics, game theory, control theory, and other fields to extend both adaptive expectations and rational expectations theory, and he explains postwar inflation in terms of drifting coefficients. He interprets his results in favour of adaptive expectations as the relevant mechanism affecting inflation policy. This book is intended for academics, graduate students, and professional economists.
Read Less
Add this copy of The Conquest of American Inflation to cart. $31.96, very good condition, Sold by HPB-Diamond rated 4.0 out of 5 stars, ships from Dallas, TX, UNITED STATES, published 1999 by Princeton University Press.
Choose your shipping method in Checkout. Costs may vary based on destination.
Seller's Description:
Very good. Connecting readers with great books since 1972! Used books may not include companion materials, and may have some shelf wear or limited writing. We ship orders daily and Customer Service is our top priority!
Add this copy of The Conquest of American Inflation to cart. $49.95, very good condition, Sold by Sequitur Books rated 5.0 out of 5 stars, ships from Boonsboro, MD, UNITED STATES, published 1999 by Princeton University Press.
Choose your shipping method in Checkout. Costs may vary based on destination.
Seller's Description:
Very Good. Size: 8x5x0; Hardcover and dust jacket. Good binding and cover. Minor shelf wear. Clean, unmarked pages. xiv, 148 p., 24 cm. "In The Conquest of American Inflation, Thomas J. Sargent presents an analysis of the rise and fall of U.S. inflation after 1960. He examines two broad explanations for the behavior of inflation and unemployment in this period: the natural rate hypothesis joined to the Lucas critique and a more traditional econometric policy evaluation modified to include adaptive expectations and learning. His purpose is not only to determine which is the better account, but also to codify for the benefit of the next generation the economic forces that cause inflation. Providing an original methodological link between theoretical and policy economics, this book will engender much debate and become an indispensable text for academics, graduate students, and professional economists."
Add this copy of The Conquest of American Inflation to cart. $69.59, good condition, Sold by Bonita rated 4.0 out of 5 stars, ships from Newport Coast, CA, UNITED STATES, published 1999 by Princeton University Press.
