Abstract

BERMUDEZ, Cecilia. A review of rational expectations hypothesis. Rev.econ.inst. [online]. 2014, vol.16, n.30, pp.83-97. ISSN 0124-5996.

The rational expectations hypothesis has dominated research programs in macroeconomics since the seventies. This methodological framework provided a dynamic foundation for macroeconomics that is completely consistent with the rational choice theory. However, this strategy has come at a high cost: it is no longer possible to conceive disequilibria processes at the aggregate level, and consequently, economic policy has become irrelevant. The aim of this work is to review the critical arguments aimed at the rational expectations hypothesis and to present another microfoundation strategy that can indeed explain disequilibria phenomena.

Keywords : rational expectations; microfoundations; macroeconomic disequilibria.

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