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Economists have developed models in which individuals form expectations of key variables in a 'rational' manner such that these expectations are consistent with actual economic environments. Professor Sheffrin first explores the logical foundation of the concept and the case for employing it in economic analysis. Subsequent chapters investigate its use in macroeconomics, financial markets, and microeconomics. A final chapter assesses its impact on theoretical and empirical work in economics and policy arenas. The author argues that while rational expectations are still central to macroeconomic policy debates, fully workable models have not yet been devised, and offers reasons for the lack of practical and conceptual progress. All chapters of the second edition have been revised or expanded. New sections inter alia include material on learning, the rationality of reported expectations, alternative recent developments explicitly or implicitly using rational expectations, new tests of the Lucas critique, and models of noise trading. The book is written in a non-technical fashion for beginning graduate students and non-specialists.
Macroeconomics --- Rational expectations (Economic theory) --- Macroeconomics. --- Microeconomics. --- Anticipations rationnelles (Théorie économique) --- Macroéconomie --- Micro-économie --- AA / International- internationaal --- 331.062 --- Microeconomics --- 339 --- Price theory --- Economics --- Expectations, Rational (Economic theory) --- Economic forecasting --- Time and economic reactions --- Uncertainty --- Anticyclisch beleid. Rational expectations. --- Anticipations rationnelles (Théorie économique) --- Macroéconomie --- Micro-économie --- Anticyclisch beleid. Rational expectations --- Business, Economy and Management
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Economic policy and planning (general) --- United States --- Keynesiaanse theorie --- Keynesian economics --- Keynésienne [Théorie ] --- Théorie keynésienne --- Economic stabilization --- Business cycles --- Keynesian economics. --- Political aspects --- AA / International- internationaal --- US / United States of America - USA - Verenigde Staten - Etats Unis --- 331.31 --- 331.062 --- 333.110 --- 333.846.0 --- Economisch beleid. --- Anticyclisch beleid. Rational expectations. --- Centrale banken en parastatale kredietinstellingen: algemeen. Overheidsbemoeiïng inzake organisatie en verdeling van het krediet. --- Verband tussen het monetair, bank- en kredietbeleid en de economische ontwikkeling: algemeenheden. --- Post-Keynesian economics --- Schools of economics --- Adjustment, Economic --- Business stabilization --- Economic adjustment --- Stabilization, Economic --- Economic policy --- Economic cycles --- Economic fluctuations --- Cycles --- Anticyclisch beleid. Rational expectations --- Economisch beleid --- Centrale banken en parastatale kredietinstellingen: algemeen. Overheidsbemoeiïng inzake organisatie en verdeling van het krediet --- Verband tussen het monetair, bank- en kredietbeleid en de economische ontwikkeling: algemeenheden --- 1945 --- -Economic stabilization --- Economische politiek en planning (algemeen) --- Verenigde Staten van Amerika --- Economic stabilization - United States. --- Business cycles - Political aspects - United States. --- United States of America
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Macroeconomics --- Rational expectations (Economic theory) --- 331.062 --- AA / International- internationaal --- 330.1 --- 330.81 --- 330.1 Economische grondbegrippen. Algemene begrippen in de economie --- Economische grondbegrippen. Algemene begrippen in de economie --- 330.81 Voorlopers van Adam Smith. Mercantilisme. Colbertisme. Fysiocraten. Kameralisme --(economisch denken) --- Voorlopers van Adam Smith. Mercantilisme. Colbertisme. Fysiocraten. Kameralisme --(economisch denken) --- Expectations, Rational (Economic theory) --- Economic forecasting --- Time and economic reactions --- Uncertainty --- Economics --- Anticyclisch beleid. Rational expectations --- Macroeconomics. --- Rational expectations (Economic theory). --- Anticipations rationnelles, Théorie des --- Macroéconomie --- Macroéconomie --- Anticipations rationnelles (Théorie économique) --- Anticipations rationnelles, Théorie des. --- Macroéconomie.
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Why have Americans severely limited the estate and gift tax - ostensibly targeted at only the very wealthy - but greatly expanded the subsidies to low-wage workers through the Earned Income Tax Credit, now the single largest poverty program in the country? Why do people hate the property tax so much, yet seemingly revolt against it only during periods of economic change? Why are some groups of taxpayers more obedient to the tax authorities than others, even when they face the same enforcement regime? These puzzling questions all revolve around perceptions of tax fairness. Is the public simply inconsistent? A sympathetic and unified explanation for these attitudes is based on understanding the everyday psychology of fairness and how it comes to be applied in taxation. This book demonstrates how a serious consideration of 'folk justice' can deepen our understanding of how tax systems actually function and how they can perhaps be reformed.
Taxation --- Income distribution --- Equality --- Fairness. --- Impartiality --- Conduct of life --- Justice --- Duties --- Fee system (Taxation) --- Tax policy --- Tax reform --- Taxation, Incidence of --- Taxes --- Finance, Public --- Revenue --- Public opinion. --- Business, Economy and Management --- Economics
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Money. Monetary policy --- Public finance --- Fiscal policy --- Monetary policy --- Politique fiscale --- Politique monétaire --- 336.3 --- 332.46 --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Tax policy --- Taxation --- Finance, Public --- Government policy --- Politique monétaire
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Economics --- Social Sciences and Humanities. Economics --- Economics (General) --- Economics (General).
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Property tax revolts have occurred both in the United States and elsewhere. This book examines the causes and consequences of such revolts with a special focus on the California experience with Proposition 13. The work examines the consequences of property tax limitations for public finance with a detailed analysis of the tax system put into place in California. Theoretical approaches and evidence from a comprehensive empirical study are used to highlight the equity and efficiency of property tax systems. Since property taxes are the primary source of revenue for local governments, the book compares and contrasts the experiences of several states with regard to the evolution of local government following property tax limitations. Finally, the book considers alternatives for reform and lessons to avoid future tax conflicts of this kind.
Tax law --- California --- United States --- Real property tax --- Tax and expenditure limitations --- Biens réels --- Impôt et dépenses publiques --- Impôts --- Réduction --- biens immobiliers fiscal --- politique fiscale --- theories fiscales --- eua --- onroerende goederen fiscaal --- fiscaal beleid --- belastingtheorieen --- vsa --- Biens réels --- Impôt et dépenses publiques --- Impôts --- Réduction --- Proposition 13 (California property tax initiative) --- Propriété --- Droit fiscal --- Business, Economy and Management --- Economics --- Real property tax - California. --- Real property tax - United States. --- Tax and expenditure limitations - California. --- Tax and expenditure limitations - United States. --- United States of America
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