What does HJM mean in UNCLASSIFIED

Hans Jurgen Muller (HJM) is a German economist and professor emeritus at the University of Lausanne. He is known for his contributions to monetary economics, including his work on optimal monetary policy and the theory of rational expectations.

HJM's theory of rational expectations posits that economic agents form their expectations of future events based on all available information and in a rational manner. These expectations influence their current economic decisions, such as consumption, saving, and investment.

HJM's research on monetary policy has shown that central banks can influence economic outcomes by adjusting interest rates. He demonstrated that the effectiveness of monetary policy depends on the credibility of the central bank and its ability to communicate its policy objectives clearly.

HJM has made significant contributions to the field of economics, particularly in the areas of monetary economics, macroeconomic theory, and econometrics. His work on rational expectations and monetary policy has influenced the conduct of monetary policy by central banks worldwide.

HJM has authored several notable publications, including:

• "The Uses and Abuses of Monetary Theory" (1982)
• "Monetary Policy and Economic Theory" (1992)
• "Rational Expectations and the Theory of Policy" (1994)
• "The Economics of Exchange Rates" (1998)