Challenging Time Series
Limits to Knowledge, Inertia and Caprice
T.D. Stanley, Professor of Economics and Business, Hendrix College, US
Hardback £80.00 on-line price £72.00
This unorthodox book derives and tests a simple theory of economic time series using several well-known empirical economic puzzles, from stock market bubbles to the failure of conventional economic theory, to explain low levels of inflation and unemployment in the US.
Contents: Preface 1. Introduction 2. Empirical Paradox and the Behavioral Inertia Hypothesis 3. Economic Inertia as Humean Habit and Stylized Fact 4. Caprice: Dostoevsky’s Uncertainty Principle 5. Empirical Economics? An Econometric Dilemma with only a Methodological Solution 6. Ain’t Misbehavin’ – Capricious Consumption or Permanent Income? 7. Prices, Inflation, Unemployment, and Okun’s Law 8. An Empirical Critique of the Lucas Critique 9. Meta-Analysis of Ricardian Equivalence: New Wine in Old Bottles 10. The Trouble with Testing: Bubbles, Inertia and Experience in Experimental Asset Markets 11. Dénouement: What’s the Difference? References Index