Keynes and the Classics

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					Makroekonomi 2, S1, FEUI, 2009 – Arianto A. Patunru

  Rational Expectations: Current
                       Scarth Chapter 6
Time Inconsistency
Alternative Information Sets
Problem of Nonuniqueness
Announcement Effects
Stable Perfect-Foresight Paths
Unstable Perfect-Foresight Paths
  IS-LM for P-F Model

Unanticipated MP and FP
Anticipated Monetary Policy
Anticipated Fiscal Policy
Saddle Path
• Ratex and perfect foresight assumptions
  might still be too strong, but at least they
  are better than adaptex. Yes, some
  arbitrariness can not be totally avoided.