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Rational Expectations and the Natural Rate Hypothesis: Some Consistent Estimates
B. T. McCallum
Vol. 44, No. 1 (Jan., 1976), pp. 43-52
Published by: The Econometric Society
Stable URL: http://www.jstor.org/stable/1911379
Page Count: 10
You can always find the topics here!Topics: Consistent estimators, Statistical estimation, Instrumental variables estimation, Rational expectations theory, Economic expectations, Estimators, Mathematical procedures, Instrumental variables, Excess demand, Unobservables
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Proceeding under the assumption that expectations are formed rationally, this paper describes a procedure for consistent estimation of equations involving unobservable expectational variables and then, using this procedure, develops empirical results bearing on the validity of the natural rate hypothesis. Estimates assuming partial rationality are also reported.
Econometrica © 1976 The Econometric Society