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"Testing the Rational Expectations Hypothesis in Macroeconometric Models," Oxford Economic Papers, 1993, 169-190.
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Abstract

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Comments

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 hypothesis.