{"product_id":"the-conquest-of-american-inflation-9780691090122","title":"The Conquest of American Inflation","description":"\u003cp\u003eIn the past fifteen years, inflation has been conquered by many advanced countries. History reveals, however, that it has been conquered before and returned. In \u003ci\u003eThe Conquest of American Inflation, \u003c\/i\u003e Thomas J. Sargent presents a groundbreaking analysis of the rise and fall of U.S. inflation after 1960. He examines two broad explanations for the behavior of inflation and unemployment in this period: the natural-rate hypothesis joined to the Lucas critique and a more traditional econometric policy evaluation modified to include adaptive expectations and learning. His purpose is not only to determine which is the better account, but also to codify for the benefit of the next generation the economic forces that cause inflation. \u003c\/p\u003e\u003cp\u003e\u003c\/p\u003e Sargent begins with an explanation of how American policymakers increased inflation in the early 1960s by following erroneous assumptions about the exploitability of the Phillips curve--the inverse relationship between inflation and unemployment. In subsequent chapters, he connects a sequence of ideas--self-confirming equilibria, least-squares and other adaptive or recursive learning algorithms, convergence of least-squares learners with self-confirming equilibria, and recurrent dynamics along escape routes from self-confirming equilibria. Sargent synthesizes results from macroeconomics, game theory, control theory, and other fields to extend both adaptive expectations and rational expectations theory, and he compellingly describes postwar inflation in terms of drifting coefficients. He interprets his results in favor of adaptive expectations as the relevant mechanism affecting inflation policy. \u003cp\u003e\u003c\/p\u003e Providing an original methodological link between theoretical and policy economics, this book will engender much debate and become an indispensable text for academics, graduate students, and professional economists.\u003cbr\u003e\u003cbr\u003e\u003cb\u003eAuthor:\u003c\/b\u003e Thomas J. Sargent\u003cbr\u003e\u003cb\u003ePublisher:\u003c\/b\u003e Princeton University Press\u003cbr\u003e\u003cb\u003ePublished:\u003c\/b\u003e 12\/02\/2001\u003cbr\u003e\u003cb\u003ePages:\u003c\/b\u003e 168\u003cbr\u003e\u003cb\u003eBinding Type:\u003c\/b\u003e Paperback\u003cbr\u003e\u003cb\u003eWeight:\u003c\/b\u003e 0.60lbs\u003cbr\u003e\u003cb\u003eSize:\u003c\/b\u003e 9.12h x 6.06w x 0.51d\u003cbr\u003e\u003cb\u003eISBN:\u003c\/b\u003e 9780691090122\u003cbr\u003e\u003cp\u003e\u003cb\u003eAbout the Author\u003c\/b\u003e\u003cbr\u003e\u003cb\u003eThomas J. Sargent\u003c\/b\u003e is Donald Lucas Professor of Economics, Stanford University, and Senior Fellow at the Hoover Institution at Stanford. He is the author of many articles and books on macroeconomic theory, most recently\u003ci\u003eBounded Rationality in Macroeconomics.\u003c\/i\u003e\u003cbr\u003e\u003c\/p\u003e","brand":"Princeton University Press","offers":[{"title":"Paperback","offer_id":40087129620595,"sku":"9.78E+12","price":43.95,"currency_code":"EUR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0555\/9255\/0515\/products\/img_1b1136cf-9850-4f82-9a4d-241432c6ace3.jpg?v=1652538439","url":"https:\/\/bookstorenmore.com\/en-de\/products\/the-conquest-of-american-inflation-9780691090122","provider":"Bookstore N More","version":"1.0","type":"link"}