{"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 The Conquest of American Inflation  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.  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.  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.\u003c\/p\u003e","brand":"My Store","offers":[{"title":"Default Title","offer_id":45665855307829,"sku":"ByrdShop_0691090122","price":32.23,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0627\/8139\/0901\/files\/9780691090122.jpg?v=1782410607","url":"https:\/\/atxbooks.com\/products\/the-conquest-of-american-inflation-9780691090122","provider":"ATX Books","version":"1.0","type":"link"}