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"Testing the Rational Expectations Hypothesis in Macroeconometric
Models," Oxford Economic Papers, 1993, 169-190.
pdf file (1,104KB).
This paper proposes a method that can be used to test the rational
exectations (RE) hypothesis. The test results using the US model are not
in general supportive of the RE hypothesis.
The material in Chapter 4, Section 4.3, in
1994#2 is based on this paper.
The results in this book are also not in general supportive of the RE