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Does the World Fit the Models?

In: Rational Expectations

Author

Listed:
  • Michael Carter

    (The Australian National University)

  • Rodney Maddock

    (The Australian National University)

Abstract

The theory of rational expectations poses a fundamental challenge to the established orthodoxy that governments can and should utilise a variety of demand-management policies to maintain full employment. More specifically, ‘rational expectations’ have been interpreted to imply that policy-makers cannot, even in the short run, alter the level of unemployment systematically through the management of aggregate demand. Clearly the implications for macroeconomic policy are enormous. But is the theory right?

Suggested Citation

  • Michael Carter & Rodney Maddock, 1984. "Does the World Fit the Models?," Palgrave Macmillan Books, in: Rational Expectations, chapter 6, pages 121-143, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-17644-1_6
    DOI: 10.1007/978-1-349-17644-1_6
    as

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