Question

The essay questions for Assignment 03

(1) Although economists generally agree about the importance of expectations, there are different explanations of the way in which expectations are formed and how to include them in economic analysis. Compare and contrast the way in which Keynes, Friedman and Lucas treated expectations and how they included them in their theories of output and employment. (100)
Prescribed reading
Snowdon and Vane 2005:
Chapter 2, 36 – 70 (especially section 2.8, pages 58 - 65)
Chapter 4, 163 – 187 (especially section 4.3, pages 174 - 187)
Chapter 5, 219 – 271 (especially section 5.3.1, pages 225 - 230 and section 5.4, pages
236 - 242).
E-Reserves:
Keynes 1937:
The Economist, 20/10/1984: Maddock and Carter 1982:

AND

(2) Is there a consensus on key macroeconomic issues? Explain what you think are the main areas of agreement in macroeconomics.
Prescribed reading
Snowdon and Vane 2005: Chapter 12, 695 – 707.
E-Reserves:
Woodford 2009: 267 – 279.

Answer 1

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