Preface -- 1. Introduction Roman Frydman and Edmund S. Phelps -- 2. The trouble with 'rational expectations' and the problem of inflation stabilization Edmund S. Phelps -- Comment Phillip Cagan -- 3. Expectations of others' expectations and the transitional nonneutrality of fully believed systematic monetary policy Juan Carlos Di Tata -- Comment Clive Bull -- 4. The stability of rational expectations in macroeconomic models George Evans -- Comment Guillermo A. Calvo -- 5. Individual rationality, decentralization, and the rational expectations hypothesis Roman Frydman -- 6. Convergence to rational expectations equilibrium Margaret Bray -- Comment Roy Radner -- 7. A distinction between the unconditional expectational equilibrium and the rational expectations equilibrium Roman Frydman -- 8. On mistaken beliefs and resultant equilibria Alan Kirman -- Comment Jerry Green -- 9. Equilibrium theory with learning and disparate expectations: some issues and methods Robert M. Townsend -- Comment John B. Taylor -- 10. Keynesianism, monetarism, and rational expectations: some reflections and conjectures Axel Leijonhufvud -- Comment Frank Hahn -- Index.