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On the indeterminacy of determinacy and indeterminacy

Beyer, Andreas; Farmer, Roger E. A. - 2003

A number of authors have attemted to test whether the U.S. economy is in a determinate or an indeterminate equilibrium. We argue that to answer this question, one must be impose a priori restrictions on lag length that cannot be tested. We provide examples of two economic models. Model 1...

Persistent link: https://www.econbiz.de/10009635896

On the indeterminacy of new-Keynesian economics

Beyer, Andreas; Farmer, Roger E. A. - 2004

We study identiÞcation in a class of three-equation monetary models. We argue that these models are typically not identiÞed. For any given exactly identiffed model, we provide an algorithm that generates a class of equivalent models that have the same reduced form. We use our algorithm to...

Persistent link: https://www.econbiz.de/10009636546

[Rezension von: Guesnerie, Roger, Assessing rational expectations]

Farmer, Roger E. A. - In: Journal of economic literature 41 (2003) 1, pp. 218-219

Persistent link: https://www.econbiz.de/10001775397

Self-fulfilling prophecies and the business cycle

Farmer, Roger E. A.; Woodford, Michael - In: Macroeconomic dynamics 1 (1997) 4, pp. 740-769

Persistent link: https://www.econbiz.de/10001630111

Nominal price stickiness as a rational expectations equilibrium

Farmer, Roger E. A. - In: Journal of economic dynamics & control 16 (1992) 2, pp. 317-337

Persistent link: https://www.econbiz.de/10001121306

On the Immense and Severe Confusions and Muddles About the Nature of Subjective and Objective Probability in the Theory of Rational Expectations : A Subjective Probability (Distrib...

Brady, Michael Emmett - 2018

subjective theory of probability is that the subjective probabilities must be additive, so that they are coherent, which means … frequency theory of probability, which can only hold in the very long run as one approaches infinity. Rational expectationists …

Persistent link: https://www.econbiz.de/10014109858

Chapter 13 of the General Theory Does not Contain J M Keynes’s Liquidity Preference Theory of the Rate of Interest : A Study of the Erroneous Use and Abuse of Chapter 13 of the Gen...

Brady, Michael Emmett - 2020

A major source of confusion about Keynes’s Liquidity Preference theory of the rate of interest is the failure of … readers of the General Theory to recognize that chapter 13 is an introductory chapter that lays the ground work and … foundations for chapter 15. Keynes’s actual theory is presented in chapters 15. All of the elements are then brought together in …

Persistent link: https://www.econbiz.de/10014110247

J. M. Keynes's Analysis of the Vertical, Horizontal and Normal Ranges of the LM Curve (Liquidity Preference Function) on Pages 207-208 in Chapter 15 of the General Theory

Brady, Michael Emmett - 2018

) on pages 207-208 of the General Theory in chapter 15 in the course of his discussions of the problem of Absolute … reviewing the General Theory. Unfortunately, he incorrectly referenced pages 200-201 of the General Theory on page 154 in his … discussion by Keynes of this problem on pages 201-202 of the General Theory. Keynes's discussion appears on pages 207-208. Hicks …

Persistent link: https://www.econbiz.de/10012918507

Given B. De Finetti’s Conclusion that 'Probability (Objective) Does not Exist', Then Rational Expectations Does not Exist Either

Brady, Michael Emmett - 2018

existing theory of probability that supports the claims made by rational expectationists. There is no right(wrong), correct … theory of probability. Likewise, all objective theories of probability deny the existence of subjective probability …

Persistent link: https://www.econbiz.de/10012908227

Rational Expectations Has No Foundation in Any Coherent, Existing Theory of Probability

Brady, Michael Emmett - 2018

The theory of rational expectations has no foundation in any extant theory of probability. None of the five existing …

Persistent link: https://www.econbiz.de/10012910371