Proceeding under the assumption that expectations are formed rationally, this paper describes a procedure for consistent estimation of equations involving unobservable expectational variables and then, using this procedure, develops empirical results bearing on the validity of the natural rate hypothesis. Estimates assuming partial rationality are also reported.
MLA
McCallum, B. T.. “Rational Expectations and the Natural Rate Hypothesis: Some Consistent Estimates.” Econometrica, vol. 44, .no 1, Econometric Society, 1976, pp. 43-52, https://www.jstor.org/stable/1911379
Chicago
McCallum, B. T.. “Rational Expectations and the Natural Rate Hypothesis: Some Consistent Estimates.” Econometrica, 44, .no 1, (Econometric Society: 1976), 43-52. https://www.jstor.org/stable/1911379
APA
McCallum, B. T. (1976). Rational Expectations and the Natural Rate Hypothesis: Some Consistent Estimates. Econometrica, 44(1), 43-52. https://www.jstor.org/stable/1911379
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