The Correct Economic Interpretation of Rational Expectations : Reply
Die richtige wirtschaftspolitische Interpretation von rationalen Erwartungen – Erwiderung In einer Stellungnahme zu meinem Artikel kritisieren Wesche und Wierum die abgeleitete Beziehung zwischen Geldmengenwachstum und Inflation während eines Zeitraums sich beschleunigender Geldentwertung bei einem Modell mit exponentiell fallender Geldnachfrage. Die Analyse von Wesche und Wierum weist jedoch mehrere Fehler auf, und die Autoren scheinen sich der ökonomischen Interpretation einer Gleichung mit rationalen Erwartungen nicht bewußt zu sein. Eine korrekte Berechnung und Interpretation des Aufsatzes der beiden Autoren stützt die in einer meiner früheren Ausarbeitungen gezogenen Schlußfolgerungen vollinhaltlich.
In a comment on my article, Wesche and Wierum criticize the derived relationship between money growth and inflation during accelerating inflation for a model with exponential money demand. However, their analysis has several flaws and the authors seem not to be aware of the economic content of rational expectations equilibria. A correct calculation and interpretation of their exercise fully supports the conclusions in my earlier paper.
- Standort
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Deutsche Nationalbibliothek Frankfurt am Main
- Umfang
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Online-Ressource
- Sprache
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Deutsch
- Erschienen in
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The Correct Economic Interpretation of Rational Expectations ; volume:28 ; number:2 ; year:1995 ; pages:221-226
Kredit und Kapital ; 28, Heft 2 (1995), 221-226
- Urheber
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Gersbach, Hans
- DOI
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10.3790/ccm.28.2.221
- URN
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urn:nbn:de:101:1-2023030219281296004597
- Rechteinformation
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Open Access; Der Zugriff auf das Objekt ist unbeschränkt möglich.
- Letzte Aktualisierung
- 14.08.2025, 10:59 MESZ
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Beteiligte
- Gersbach, Hans
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