2015-05-052014-12-151657-4206http://hdl.handle.net/10784/5280The Rational Expectations Hypothesis was first developed as a theoretical technique aimed at explaining agents’ behavior in a given environment -- In particular, it describes how the outcome of a given economic phenomenon depends to a certain degree on what agents expect to happen -- Subsequently, it was introduced into macroeconomic models as a way to explain the ineffectiveness of monetary policy -- Since then, most of these models have been based on the rational expectations assumption -- This paper assesses the real life application of this feature based on two arguments: the determination of an objective reality through beliefs and subjective expectations; and the exclusion of the evolution of human knowledge and innovation in macroeconomic modelsapplication/pdfengCopyright (c) 2015 Ecos de EconomíaRational Expectationsinfo:eu-repo/semantics/articleinfo:eu-repo/semantics/openAccessEXPECTATIVAS RACIONALES (TEORÍA ECONÓMICA)MACROECONOMÍAPOLÍTICA MONETARIARational expectations (Economic theory)MacroeconomicsMonetary policyAcceso abierto2015-05-05Tobón, Santiago10.17230/ecos.2014.39.2