Background
Honkapohja, Seppo Mikko Sakari was born on March 7, 1951 in Helsinki, Finland. Son of Helge Uolevi Albin and Eila (Pulkkinen) Honkapohja.
( A crucial challenge for economists is figuring out how ...)
A crucial challenge for economists is figuring out how people interpret the world and form expectations that will likely influence their economic activity. Inflation, asset prices, exchange rates, investment, and consumption are just some of the economic variables that are largely explained by expectations. Here George Evans and Seppo Honkapohja bring new explanatory power to a variety of expectation formation models by focusing on the learning factor. Whereas the rational expectations paradigm offers the prevailing method to determining expectations, it assumes very theoretical knowledge on the part of economic actors. Evans and Honkapohja contribute to a growing body of research positing that households and firms learn by making forecasts using observed data, updating their forecast rules over time in response to errors. This book is the first systematic development of the new statistical learning approach. Depending on the particular economic structure, the economy may converge to a standard rational-expectations or a "rational bubble" solution, or exhibit persistent learning dynamics. The learning approach also provides tools to assess the importance of new models with expectational indeterminacy, in which expectations are an independent cause of macroeconomic fluctuations. Moreover, learning dynamics provide a theory for the evolution of expectations and selection between alternative equilibria, with implications for business cycles, asset price volatility, and policy. This book provides an authoritative treatment of this emerging field, developing the analytical techniques in detail and using them to synthesize and extend existing research.
http://www.amazon.com/gp/product/0691049211/?tag=2022091-20
(The main purpose of this book is to review and discuss th...)
The main purpose of this book is to review and discuss the different varieties of macro modelling. A second purpose is to analyze policy themes that are currently important in Finland and elsewhere. The last set of papers analyze exchange rate policies in Finland and issues in European Economic Integration. The reader will find both a useful overview of the different types of macroeconomic modelling of economic policies and some stimulating analyses of current issues in economic policy-making. The book is dedicated to Pertti Kukkonen on the occasion of his 60th birthday to honour his long and distinguished career as a participant and advisor in economic policy-making.
http://www.amazon.com/gp/product/0444896260/?tag=2022091-20
Honkapohja, Seppo Mikko Sakari was born on March 7, 1951 in Helsinki, Finland. Son of Helge Uolevi Albin and Eila (Pulkkinen) Honkapohja.
Graduate A-levels, United World College of Atlantic, United Kingdom, 1970. Master of Social Sciences, University Helsinki, 1972. Licentiate of Social Sciences, University Helsinki, 1974.
Doctor of Social Sciences, University Helsinki, 1979.
Science director, Yrjö Jahnsson Foundation, Helsinki, 1975-1987;
professor economics, Turku (Finland) School Economics and Business Administration, 1987-1991;
professor-at-large of economics, Turku (Finland) School Economics and Business Administration, since 1992;
professor-at-large of economics, U. Helsinki, 1981-1991;
acting professor economics, U. Helsinki, 1985-1987;
professor economics, U. Helsinki, since 1992. Visiting lecturer, scholar Harvard University, 1978-1979. Visiting associate professor economics Stanford University, 1982-1983.
Senior fellow Academy Finland, Helsinki, 1982-1983, academic professor, 1989-1995.
( A crucial challenge for economists is figuring out how ...)
(The main purpose of this book is to review and discuss th...)
Vice-chairman Kansallis Foundation for Finance Research, Helsinki, 1989-1996. Member supervisory board Okopankki Ltd., Helsinki, 1996-1997, chair, since 1997. Member governor body Finnish Cultural Foundation, Helsinki, since 1994, chairman, since 1997.
Member Academia Europaea, Finnish Economics Association (board directors 1989-1991), Econometric Society, European Economics Association (member county 1985-1986, 89-94), Finnish Society for European Studies (board directors since 1994), International Economics Association(Executive Committee since 1995), Finnish Academy Science and Letters, Jan Tinbergen Institute for Development Planning (member international advisory board since 1984).
Married Sirkku Anna-Maija Halme, 1973. Children: Alpo, Aino-Marja.