Rational Expectations and Econometric Practice was first published in 1981. Minnesota Archive Editions uses digital technology to make long-unavailable books once again accessible, and are published unaltered from the original University of Minnesota Press editions.
Assumptions about how people form expectations for the future shape the properties of any dynamic economic model. To make economic decisions in an uncertain environment people must forecast such variables as future rates of inflation, tax rates, government subsidy schemes and regulations. The doctrine of rational expectations uses standard economic methods to explain how those expectations are formed.
This work collects the papers that have made significant contributions to formulating the idea of rational expectations. Most of the papers deal with the connections between observed economic behavior and the evaluation of alternative economic policies.
Robert E. Lucas, Jr., is professor of economics at the University of Chicago. Thomas J. Sargent is professor of economics at the University of Minnesota and adviser to the Federal Reserve Bank of Minnesota.
Biondo Flavio (1392–1463), humanist and historian, was a pioneering figure in the Renaissance discovery of antiquity; famously, he was the author who popularized the term “Middle Age” to describe the period between the fall of the Roman Empire and the revival of antiquity in his own time. While serving a number of Renaissance popes, he inaugurated an extraordinary program of research into the history, cultural life, and physical remains of the ancient world.
The capstone of this research program, Rome in Triumph (1459), has been said to bear comparison with the Encyclopédie of Diderot as the embodiment of the ideals of an age, seeking as it does to answer the overarching question of humanists from Petrarch to Machiavelli: what made Rome great? To answer the question Biondo undertakes a comprehensive reconstruction of Rome’s religion, government, military organization, customs and institutions over its thousand-year history. This volume contains the first edition of the Latin text since 1559 and the first translation into any modern language.
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