Optimal and Time-consistent Policies in Continuous Time Rational Expectations Models PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Optimal and Time-consistent Policies in Continuous Time Rational Expectations Models PDF full book. Access full book title Optimal and Time-consistent Policies in Continuous Time Rational Expectations Models by Willem H. Buiter. Download full books in PDF and EPUB format.
Author: Willem H. Buiter
Publisher:
ISBN:
Category : Rational expectations (Economic theory)
Languages : en
Pages : 30
Get Book Here
Book Description
Author: Willem H. Buiter
Publisher:
ISBN:
Category : Rational expectations (Economic theory)
Languages : en
Pages : 30
Get Book Here
Book Description
Author: Willem H. Buiter
Publisher: University of Michigan Press
ISBN: 9780472101382
Category : Economic development
Languages : en
Pages : 392
Get Book Here
Book Description
Brings together Buiter's major papers on macroeconomic theory and policy
Author: Richard Dennis
Publisher:
ISBN:
Category : Econometric models
Languages : en
Pages : 42
Get Book Here
Book Description
Author: Martin Weale
Publisher: Routledge
ISBN: 1317379438
Category : Business & Economics
Languages : en
Pages : 403
Get Book Here
Book Description
This analysis of macroeconomic policy, originally published in 1989, argues that key government objectives, such as reduced inflation, decreased unemployment and an adequate level of national saving can be achieved only by employing both monetary and fiscal policies, in conjunction with supply-side policies expressly designed to improve the workings of the labour market. Part 1 is a comparative analysis showing the effects of monetary and fiscal policy on the economy. Real-wage rigidity in the labour market is shown to have important consequences for the working of both types of policy, because it conditions the economy’s response to tax changes. Part 2 presents an econometric model which combines consistent stock-flow accounts with a full range of expectational effects. Part 3 presents an innovative technique for solving rational expectations models with the need for arbitary terminal conditions.
Author: S.G. Hall
Publisher: Elsevier
ISBN: 1483295478
Category : Business & Economics
Languages : en
Pages : 432
Get Book Here
Book Description
This book arose out of research carried out by the authors in the period 1983-1987 whilst at the National Institute of Economic and Social Research. A number of things combined to impart the basic thrust of the research: partly the developments in formulating and estimating rational expectations models, and partly actual developments in the UK economy itself.An application of recent developments in dynamic modelling to a complete macroeconometric model of the UK is presented. Rational expectations modelling, co-integration and disequilibrium modelling are covered. The book also develops computational procedures for obtaining efficient solutions to large-scale models, and illustrates model solutions assuming rational expectations and stochastic simulations. Finally, sections on the analysis of models using optimal control methods illustrate applications of a large-scale econometric model. This section also discusses policy applications, including the derivation of time-consistent policies in the presence of rational expectations, giving quantified illustrations.
Author: David A. Currie
Publisher: Cambridge University Press
ISBN: 052144196X
Category : Business & Economics
Languages : en
Pages : 441
Get Book Here
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: Centre for Economic Policy Research (Great Britain)
Publisher: CUP Archive
ISBN: 9780521337809
Category : Business & Economics
Languages : en
Pages : 408
Get Book Here
Book Description
This volume presents some of the best current research on international economic policy coordination.
Author: Ben S. Bernanke
Publisher: University of Chicago Press
ISBN: 0226044734
Category : Business & Economics
Languages : en
Pages : 469
Get Book Here
Book Description
Over the past fifteen years, a significant number of industrialized and middle-income countries have adopted inflation targeting as a framework for monetary policymaking. As the name suggests, in such inflation-targeting regimes, the central bank is responsible for achieving a publicly announced target for the inflation rate. While the objective of controlling inflation enjoys wide support among both academic experts and policymakers, and while the countries that have followed this model have generally experienced good macroeconomic outcomes, many important questions about inflation targeting remain. In Inflation Targeting, a distinguished group of contributors explores the many underexamined dimensions of inflation targeting—its potential, its successes, and its limitations—from both a theoretical and an empirical standpoint, and for both developed and emerging economies. The volume opens with a discussion of the optimal formulation of inflation-targeting policy and continues with a debate about the desirability of such a model for the United States. The concluding chapters discuss the special problems of inflation targeting in emerging markets, including the Czech Republic, Poland, and Hungary.
Author: Michael Mussa
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 62
Get Book Here
Book Description
This paper examines five examples of rational expectations models with a continuum of convergent solutions and demonstrates serious difficulties in the economic interpretation of these solutions. The five examples are (1) a model of optimal capital accumulation with a negative rate of time preference, (2) Taylor's (1977) linear rational expectations model of macroeconomic equilibrium; (3) Calvo's (1984) model of contract setting and price dynamics; (4) Obstfeld's (1984) equilibrium model of monetary dynamics with individual optimizing agents; and (5) Calvo's (1978) life-cycle model of savings and asset valuation. In every case, when these models yield a continuum of convergent infinite horizon solutions, these solutions fail to exhibit economically appropriate, forward looking dependence of the endogenous variables on the paths of the exogenous forcing variab1es--a difficulty that does not arise under the circumstances where these models yield unique convergent infinite horizon solutions. Further, the three models that have natural finite horizon versions, either lack finite horizon solutions or have solutions that do not converge to any of the infinite horizon solutions. Again, this difficulty arises only under the circumstances where these models have a continuum of infinite horizon solutions.
Author: Various
Publisher: Routledge
ISBN: 1317216911
Category : Business & Economics
Languages : en
Pages : 1908
Get Book Here
Book Description
Originally published between 1951 and 1987, the 8 volumes in this set: Provide a wide-ranging and critical review of both first and second generation theories of inflation (and the related problem of unemployment), including the classical approach to macroeconomics. Examine how inflation as a policy has come about in modern democracies, how it works, how to avoid it and at what cost Reassess the strengths and weaknesses of incomes policies Examine pay control policies in major Western economies and survey developments from 1945, explore the aims of pay policies and discusse the problems of implementation, comparing the different kinds of policies.
