Abstract

The rational expectations hypothesis swept through macroeconomics during the 1970’s and
permanently altered the landscape. It remains the prevailing paradigm in macroeconomics,
and rational expectations is routinely used as the standard solution concept in both theoretical
and applied macroeconomic modelling. The rational expectations hypothesis was initially
formulated by John F. Muth Jr. in the early 1960s. Together with Robert Lucas Jr., Thomas
(Tom) Sargent pioneered the rational expectations revolution in macroeconomics in the
1970s. We interviewed Tom Sargent for Macroeconomic Dynamics.

JEL Code: E00.

George W. Evans

Department of Economics
1285 University of Oregon
Eugene, OR 97403-1285

USA
[email protected]

Seppo Honkapohja
Faculty of Economics
University of Cambridge
Sidgwick Avenue

Cambridge CB3 DD
United Kingdom

[email protected]

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