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Analysing Economic Behaviour 1975-85 with a Model Incorporating Consistent Expectations

Published online by Cambridge University Press:  26 March 2020

S.G. Hall
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Extract

In November 1985 the National Institute introduced a new version of its quarterly forecasting model which included a large number (approximately 45) of explicit expectations terms. The model was solved on the basis of model consistent expectations.

Type
Articles
Information
National Institute Economic Review , Volume 120 , May 1987 , pp. 75 - 80
Copyright
Copyright © 1987 National Institute of Economic and Social Research

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References

Hall, S.G. and Henry, S.G.B. (1985), ‘Rational expectations in an econometric model: NIESR Model 8’, National Institute Economic Review, no.114, November.CrossRefGoogle Scholar
Hall, S.G. and Herbert, R. (1986), ‘Consistent simulations and the National Institute Model 8’, National Institute Economic Review, no.115, February.CrossRefGoogle Scholar
Muth, J.F. (1961), ‘Rational expectations and the theory of price movements’, Econometrica, 29, no.6.CrossRefGoogle Scholar
Pesaran, H. (1935), ‘Formation of inflation expectations in British manufacturing industries’, Economic Journal, 95, no.380, December.Google Scholar
Saville, I.D. and Gardiner, K.L. (1986), ‘Stagflation in the UK since 1970: a model-based explanation’, National Institute Economic Review, no.117, August.CrossRefGoogle Scholar
Wallis, K.F. (1981), ‘Dynamic models and expectations hypothesis’, Warwick Economic Research Papers, no.187.Google Scholar