Author: Richard DennisPublisher:
ISBN:
Category : Econometric models
Languages : en
Pages : 42
Book Description
Optimal Policy in Rational-expectations Models
Author: Richard DennisPublisher:
ISBN:
Category : Econometric models
Languages : en
Pages : 42
Book Description
Optimal and Time-consistent Policies in Continuous Time Rational Expectations Models
Author: Willem H. BuiterPublisher:
ISBN:
Category : Rational expectations (Economic theory)
Languages : en
Pages : 30
Book Description
The Consistency of Optimal Policy in Stochastic Rational Expectations Models
Author: John DriffillPublisher:
ISBN:
Category : Economic forecasting
Languages : en
Pages : 52
Book Description
Optimal Discretionary Policy in Rational Expectations Models with Regime Switching
Author: Richhild MoessnerPublisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
The existence of and uncertainty about structural change in the economy are important features facing policymakers. This paper considers the implications for policy design of uncertainty about structural change, modelling the time variation in parameters of forward-looking models as Markov processes. We extend an algorithm of Backus and Driffill for optimal discretionary policy in rational expectations models to the case with Markov switching in model parameters. As an illustration, we apply our method to determine the optimal monetary policy solution in the presence of structural changes in intrinsic output persistence, within a hybrid New Keynesian model estimated for the euro area. We find that the coefficients of the optimal policy rule are state-dependent, and depend non-linearly on the transition probabilities between states with different values of intrinsic output persistence.
Rational Expectations Models with Anticipated Shocks and Optimal Policy
Author: Hans-Werner WohltmannPublisher:
ISBN:
Category :
Languages : en
Pages : 27
Book Description
Macroeconomic Policy Design Using Large Econometric Rational Expectations Models
Author: Nicos M. ChristodoulakisPublisher:
ISBN:
Category : Econometric models
Languages : en
Pages : 76
Book Description
The consistency of optimal policy in stochastic rational expectations models
Author: John DriffillPublisher:
ISBN:
Category :
Languages : sv
Pages : 33
Book Description
A Rational Expectations Approach to Macroeconometrics
Author: Frederic S. MishkinPublisher: University of Chicago Press
ISBN: 0226531929
Category : Business & Economics
Languages : en
Pages : 184
Book Description
A Rational Expectations Approach to Macroeconometrics pursues a rational expectations approach to the estimation of a class of models widely discussed in the macroeconomics and finance literature: those which emphasize the effects from unanticipated, rather than anticipated, movements in variables. In this volume, Fredrick S. Mishkin first theoretically develops and discusses a unified econometric treatment of these models and then shows how to estimate them with an annotated computer program.
Solving for Optimal Simple Rules in Rational Expectations Models
Author: Richard DennisPublisher:
ISBN:
Category : Monetary policy
Languages : en
Pages : 32
Book Description
Designing Monetary Policy Under Rational Expectations
Author: James Grant HoehnPublisher:
ISBN:
Category : Monetary policy
Languages : en
Pages : 68
Book Description
