The Consistency of Optional Policy in Stochastic Rational Expectations Models PDF Download
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Author: David Backus
Publisher:
ISBN:
Category : Rational expectations (Economic theory)
Languages : en
Pages : 29
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Author: David Backus
Publisher:
ISBN:
Category : Rational expectations (Economic theory)
Languages : en
Pages : 29
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Author: John Driffill
Publisher:
ISBN:
Category : Economic forecasting
Languages : en
Pages : 52
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Author: John Driffill
Publisher:
ISBN:
Category :
Languages : sv
Pages : 33
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Author: John Driffill
Publisher:
ISBN:
Category :
Languages : en
Pages : 33
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Author: Willem H. Buiter
Publisher:
ISBN:
Category : Rational expectations (Economic theory)
Languages : en
Pages : 30
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Author: Willem H. Buiter
Publisher:
ISBN:
Category : Economic policy
Languages : en
Pages : 66
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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: David Carrie
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 47
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Author: P. Levine
Publisher:
ISBN:
Category : Economics
Languages : en
Pages :
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Author: Theodoor Evert Nijman
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ISBN:
Category :
Languages : en
Pages : 34
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Author: Peter Willemé
Publisher:
ISBN:
Category :
Languages : en
Pages : 40
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