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dc.contributor.author Turnovsky, S. J en_US
dc.contributor.author Burmeister, Edwin en_US
dc.date.accessioned 2010-03-09T15:45:20Z
dc.date.available 2010-03-09T15:45:20Z
dc.date.issued 1977 en_US
dc.identifier.uri http://hdl.handle.net/10161/2110
dc.description.abstract This paper begins by introducing three alternative properties of expectations: weak consistency, strong consistency, perfect foresight. These concepts are then used to consider the relationship between beginnning of period equilibrium and end of period equilibrium for both discrete and continuous time. We show that in the former case the consistency between them requires not only that there be perfect foresight in predicting certain relevant variables but also that there can be no accumulation of assets. In the latter case the relationship between the two equilibria rests on much weaker conditions. They are equivalent provided expectations satisfy our assumption of weak consistency en_US
dc.format.extent 1156169 bytes
dc.format.mimetype application/pdf
dc.language.iso en_US
dc.publisher The Journal of Political Economy en_US
dc.subject Expectation properties en_US
dc.subject perfect foresight en_US
dc.subject strong consistency en_US
dc.subject weak consistency en_US
dc.title Perfect Foresight, Expectational Consistency, and Macroeconomic Equilibrium en_US
dc.type Journal Article en_US
dc.department Economics

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