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Macroeconomics at the Service of Public Policy
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Macroeconomics at the Service of Public Policy

Thomas J. Sargent and Jouko Vilmunen


This book builds on the belief that modern macroeconomics can hold its head high because so much of it is research directed at informing important public policy decisions. It is a noble aspiration to seek better rules for our central banks and fiscal authorities. Doing that attracted the contributors of this volume into macroeconomics. The contributors to this volume are leaders in patiently creating models and pushing forward technical frontiers. Their papers focus on forces that can help understand macroeconomic outcomes, including learning, multiple equilibria, moral hazard, asymmetric info ... More

Keywords: general equilibrium, uncertainty, information, rational expectations, learning dynamics, model selection, regime switching, Ramsey policy, commitment, incentives, heterogeneity, imperfect competition

Bibliographic Information

Print publication date: 2013 Print ISBN-13: 9780199666126
Published to Oxford Scholarship Online: May 2013 DOI:10.1093/acprof:oso/9780199666126.001.0001


Affiliations are at time of print publication.

Thomas J. Sargent, editor
Professor of Economics, New York University; and Senior Fellow, Hoover Institution, Stanford University

Jouko Vilmunen, editor
Head of Research, Bank of Finland

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Thomas J. Sargent and Jouko Vilmunen

Part I Financial Crisis and Recovery

2 The European Debt Crisis*

Hans‐Werner Sinn

Part II Learning, Incentives, and Public Policies

6 Bayesian Model Averaging, Learning, and Model Selection*

George W. Evans, Seppo Honkapohja, Thomas J. Sargent, and Noah Williams

7 History‐Dependent Public Policies

David Evans and Thomas J. Sargent *

8 Finite‐Horizon Learning Crisis*

William Branch George W. Evans Bruce McGough

10 Too Many Dragons in the Dragons' Den

Martin Ellison Chryssi Giannitsarou

End Matter