The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Sargent, Thomas J. (Born 1943)

  • Esther-Mirjam Sent
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_2936

Abstract

Thomas J. Sargent is the 2011 recipient of the Nobel Prize in Economic Sciences (along with Christopher Sims). Sargent has been instrumental in the development of rational expectations economics. The central idea behind this approach is that individuals should not make systematic mistakes. Yet what does it mean for individuals not to make systematic mistakes? Four distinct phases may be identified in Sargent’s search for an answer to this question.

Keywords

Adaptive expectations Blattberg Bounded rationality Complexity Distributed lags Econometrics General equilibrium theory Hansen Lévy stable distributions Ljungqvist Lucas Marcet Marimon McGrattan Minsky Muth Observational equivalence Optimal control Rational expectations Recursive dynamics Roll Santa Fe Institute Sargent Simon Sims Time series econometrics Vector autoregressions Wallace 
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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Esther-Mirjam Sent
    • 1
  1. 1.