"Which Way Forward for Macroeconomics and Policy Analysis?" 2013
“In the early 1970s,… economists began to embrace the Rational Expectations Hypothesis (REH), according to which market participants’ expectations are “essentially the same as the predictions of the relevant economic theory” (Muth 1961: 316). What has been largely overlooked is that, … REH theorists presume that the role of market participants’ expectations in driving outcomes is not autonomous from the other components of the model. … Because REH models, by design, rule out an autonomous role for expectations, they are best viewed as derailing, rather than developing, the microfoundations approach.”
"Which Way Forward for Macroeconomics and Policy Analysis?" 2013
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Roman Frydman 3
American economist 1948Related quotes
"Which Way Forward for Macroeconomics and Policy Analysis?" 2013
Rudiger Dornbusch, "Expectations and exchange rate dynamics." The journal of political economy (1976): 1161-1176. p. 1161

Source: Macroeconomics (7th Edition, 2017), Ch. 16 : Expectations, Output, and Policy

1960s-1980s, "The Firm, the Market, and the Law" (1988)

Source: Macroeconomics (7th Edition, 2017), Ch. 24 : Epilogue: The Story of Macroeconomics
2. Stylistic Questions. p. 22.
Understanding Uncertainty (2006)

though it might conceivably be in some different ones!
Conversations with Economists (1983)

"Who Was Milton Friedman?", The New York Review of Books (February 15, 2007)
The New York Review of Books articles

"Rational expectations and the dynamics of hyperinflation." 1973