This volume presents straightforward, innovative research on the estimation of demand systems and the measurement of consumer preferences. Demand studies and understanding consumer behavior remain two of the most important areas of analysis by practicing applied economists and econometricians....

A heated debate has arisen over what Modigliani has dubbed the Macro Rational Expections (MRE) hypothesis. This hypothesis embodies two component hypotheses: 1) rational expectations and 2) short-run neutrality -- i.e., that anticipated changes in aggregate demand will have already been taken...