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020 _a9780691186689
_qPDF
024 7 _a10.1515/9780691186689
_2doi
035 _a(DE-B1597)9780691186689
035 _a(DE-B1597)501725
035 _a(OCoLC)1041853357
040 _aDE-B1597
_beng
_cDE-B1597
_erda
050 4 _aHG540
072 7 _aBUS069000
_2bisacsh
082 0 4 _a332.410973
_223
084 _aonline - DeGruyter
100 1 _aSargent, Thomas J.
_eautore
245 1 4 _aThe Conquest of American Inflation /
_cThomas J. Sargent.
264 1 _aPrinceton, NJ :
_bPrinceton University Press,
_c[2018]
264 4 _c©1999
300 _a1 online resource
336 _atext
_btxt
_2rdacontent
337 _acomputer
_bc
_2rdamedia
338 _aonline resource
_bcr
_2rdacarrier
347 _atext file
_bPDF
_2rda
505 0 0 _tFrontmatter --
_tContents --
_tPreface --
_t1. The Rise and Fall of U.S. Inflation --
_t2. Ignoring the Lucas Critique --
_t3. The Credibility Problem --
_t4. Credible Government Policies --
_t5. Adaptive Expectations (1950 --
_t6. Optimal Misspecified Beliefs --
_t7. Self-Confirming Equilibria --
_t8. Adaptive Expectations (1990's) --
_t9. Econometric Policy Evaluation --
_t10. Triumph or Vindication --
_tGlossary --
_tReference --
_tAuthor Index --
_tSubject Index
506 0 _arestricted access
_uhttp://purl.org/coar/access_right/c_16ec
_fonline access with authorization
_2star
520 _aIn the past fifteen years, inflation has been conquered by many advanced countries. History reveals, however, that it has been conquered before and returned. In The Conquest of American Inflation, Thomas J. Sargent presents a groundbreaking analysis of the rise and fall of U.S. inflation after 1960. He examines two broad explanations for the behavior of inflation and unemployment in this period: the natural-rate hypothesis joined to the Lucas critique and a more traditional econometric policy evaluation modified to include adaptive expectations and learning. His purpose is not only to determine which is the better account, but also to codify for the benefit of the next generation the economic forces that cause inflation. Sargent begins with an explanation of how American policymakers increased inflation in the early 1960s by following erroneous assumptions about the exploitability of the Phillips curve--the inverse relationship between inflation and unemployment. In subsequent chapters, he connects a sequence of ideas--self-confirming equilibria, least-squares and other adaptive or recursive learning algorithms, convergence of least-squares learners with self-confirming equilibria, and recurrent dynamics along escape routes from self-confirming equilibria. Sargent synthesizes results from macroeconomics, game theory, control theory, and other fields to extend both adaptive expectations and rational expectations theory, and he compellingly describes postwar inflation in terms of drifting coefficients. He interprets his results in favor of adaptive expectations as the relevant mechanism affecting inflation policy. Providing an original methodological link between theoretical and policy economics, this book will engender much debate and become an indispensable text for academics, graduate students, and professional economists.
538 _aMode of access: Internet via World Wide Web.
546 _aIn English.
588 0 _aDescription based on online resource; title from PDF title page (publisher's Web site, viewed 30. Aug 2021)
650 0 _aInflation (Finance)
_zUnited States.
650 7 _aBUSINESS & ECONOMICS / Economics / General.
_2bisacsh
850 _aIT-RoAPU
856 4 0 _uhttps://doi.org/10.1515/9780691186689?locatt=mode:legacy
856 4 0 _uhttps://www.degruyter.com/isbn/9780691186689
856 4 2 _3Cover
_uhttps://www.degruyter.com/cover/covers/9780691186689.jpg
942 _cEB
999 _c194227
_d194227