Author: Willem H. Buiter
Publisher:
ISBN:
Category :
Languages : en
Pages : 46

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Author: Willem H. Buiter
Publisher:
ISBN:
Category : Economic policy
Languages : en
Pages : 66

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Book Description
The paper surveys some recent developments in policy evaluation and design in continuous time linear rational expectations models. Much recent work in macroeconomics and open economy macroeconomics fits into this category. First the continuous time analogue is reviewed of the discrete time solution method of Blanchard and Kahn. Some problems associated with this solution method are then discussed, including non-uniqueness and zero roots. Optimal (but in general time-inconsistent) and time-consistent (but in general suboptimal) solutions are derived to the general linear-quadratic optimal control problem, based on work by Calvo, Driffill, Miller and Salmon and the author. A numerical example is solved, involving optimal and time-consistent anti-inflationary policy design in a contract model.

Author: Willem H. Buiter
Publisher:
ISBN:
Category :
Languages : en
Pages : 46

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Book Description
The paper surveys some recent developments in policy evaluation and design in continuous time linear rational expectations models. Much recent work in macroeconomics and open economy macroeconomics fits into this category. First the continuous time analogue is reviewed of the discrete time solution method of Blanchard and Kahn. Some problems associated with this solution method are then discussed, including non-uniqueness and zero roots. Optimal (but in general time-inconsistent) and time-consistent (but in general suboptimal) solutions are derived to the general linear-quadratic optimal control problem, based on work by Calvo, Driffill, Miller and Salmon and the author. A numerical example is solved, involving optimal and time-consistent anti-inflationary policy design in a contract model.

Author:
Publisher:
ISBN:
Category : Rational expectations (Economic theory)
Languages : en
Pages : 46

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"In the past few years, there has been substantial progress in the application of the economic theory of household decision making to human fertility behavior. Theoretical emphasis has been given to the effects of the costs of parental tine and money resources devoted to rearing children on the demand for the total number of children in a static framework under conditions of certainty. Empirical work has focused on explaining variation in the number of children ever born to women, who have completed their childbearing, as a function of measures of the household's total resources and the opportunity cost of time, especially the value of the wife's time. One important objection to static theories of fertility is their failure to deal with the implications of the simple fact that reproduction is a stochastic biological process in which the number and timing of births and the traits of children (e.g. sex, intelligence, health, etc.) are uncertain and not subject to direct control. In this paper, we report some initial results of a study in progress whose goal is to develop an integrated theoretical and econometric model of fertility behavior within a sequential stochastic framework. The principal contribution of the paper is to the development of an appropriate econometric methodology for dealing with some new econometric problems that arise in such models"--NBER website.

Author: Willem H. Buiter
Publisher:
ISBN:
Category :
Languages : en
Pages : 0

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Author: Willem H. Buiter
Publisher: University of Michigan Press
ISBN: 9780472101382
Category : Economic development
Languages : en
Pages : 392

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Brings together Buiter's major papers on macroeconomic theory and policy

Author: David A. Currie
Publisher: Cambridge University Press
ISBN: 052144196X
Category : Business & Economics
Languages : en
Pages : 441

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Book Description
In this book David Currie and Paul Levine address a broad range of issues concerning the design and conduct of macroeconomic policy in open economies. Adopting neo-Keynesian models for which monetary and fiscal policy have short-term real effects, they analyse active stabilisation policies in both a single- and multi-country context. Questions addressed include: the merits of simple policy rules, policy design in the face of uncertainty and international policy coordination. A central feature of the book is the treatment of credibility and the effect of a policy-maker's reputation for sticking to announced policies. These considerations are integrated with coordination issues to produce a unique synthesis. The volume develops optimal control methods and dynamic game theory to handle relationships between governments and a conscious rational private sector and produces a unified, coherent approach to the subject. This book will be of interest to students and teachers of open economy macroeconomics and to professional economists interested in using macroeconomic models to design policy.

Author: Martin D. D. Evans
Publisher:
ISBN:
Category : Monetary policy
Languages : en
Pages : 27

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Book Description

Author: Richard Portes
Publisher: Springer
ISBN: 1349189162
Category : Business & Economics
Languages : en
Pages : 360

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Author: Nicos M. Christodoulakis
Publisher:
ISBN:
Category : Econometric models
Languages : en
Pages : 76

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Book Description