113分析金融市场与金融机构_第六章.pptxVIP

Chapter Six;Chapter Outline;Theory of Rational Expectations;Theory of Rational Expectations;Implications 1. Change in way variable moves, way expectations formed changes 2. Forecast errors on average = 0 and are not predictable;Efficient Market Hypothesis Rational Expectations Applied to Financial Markets;Efficient Markets Theory;Efficient Markets Theory;Efficient Markets Theory;Why Efficient Markets Theory makes sense If RETof RET* ? Pt ?, RETof ? If RETof RET* ? Pt ?, RETof ? until RETof = RET* 1. All unexploited profit opportunities eliminated 2. Efficient Markets holds even if are uninf