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This book originated from a 2010 conference marking the fortieth anniversary of the publication of the landmark Phelps volume, Microeconomic Foundations of Employment and Inflation Theory, a book that is often credited with pioneering the currently dominant approach to macroeconomic analysis. However, in their provocative introductory essay, Roman Frydman and Edmund Phelps argue that the vast majority of macroeconomic and finance models developed over the last four decades derailed, rather than built on, the Phelps volume's microfoundations approach. Whereas the contributors to the 1970 volume recognized the fundamental importance of according market participants' expectations an autonomous role, contemporary models rely on the rational expectations hypothesis (REH), which rules out such a role by design.The financial crisis that began in 2007, preceded by a spectacular boom and bust in asset prices that REH models implied could never happen, has spurred a quest for fresh approaches .

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[*] Download PDF Here => Rethinking Expectations: The Way Forward for Macroeconomics

[*] Read PDF Here => Rethinking Expectations: The Way Forward for Macroeconomics