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Policy Evaluation And Design For Continuous Time Linear Rational Expectations Models
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Book Synopsis Policy Evaluation and Design for Continuous Time Linear Rational Expectations Models by : Willem H. Buiter
Download or read book Policy Evaluation and Design for Continuous Time Linear Rational Expectations Models written by Willem H. Buiter and published by . This book was released on 1984 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Policy Evaluation and Design for Continuous Time Linear Rational Expectations Models by : Willem H. Buiter
Download or read book Policy Evaluation and Design for Continuous Time Linear Rational Expectations Models written by Willem H. Buiter and published by . This book was released on 2010 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Policy evaluation and design for continuous time linear rational expectation models : some recent developments by : Willem H. Buiter
Download or read book Policy evaluation and design for continuous time linear rational expectation models : some recent developments written by Willem H. Buiter and published by . This book was released on 1984 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Macroeconomic Theory and Stabilization Policy by : Willem H. Buiter
Download or read book Macroeconomic Theory and Stabilization Policy written by Willem H. Buiter and published by Manchester University Press. This book was released on 1989 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Policy Evaluation and Design for Continous Time Linear Rational Expectations Models by : Willem H. Buiter
Download or read book Policy Evaluation and Design for Continous Time Linear Rational Expectations Models written by Willem H. Buiter and published by . This book was released on 1984 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Credibility and Commitment by : Martin D. D. Evans
Download or read book Credibility and Commitment written by Martin D. D. Evans and published by . This book was released on 1987 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Optimal and Time-consistent Policies in Continuous Time Rational Expectations Models by : Willem H. Buiter
Download or read book Optimal and Time-consistent Policies in Continuous Time Rational Expectations Models written by Willem H. Buiter and published by . This book was released on 1983 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Rules, Reputation and Macroeconomic Policy Coordination by : David A. Currie
Download or read book Rules, Reputation and Macroeconomic Policy Coordination written by David A. Currie and published by Cambridge University Press. This book was released on 1993-08-12 with total page 441 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Global Macroeconomics by : Richard Portes
Download or read book Global Macroeconomics written by Richard Portes and published by Springer. This book was released on 1987-11-13 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Macroeconomic Policy Design Using Large Econometric Rational Expectations Models by : Nicos M. Christodoulakis
Download or read book Macroeconomic Policy Design Using Large Econometric Rational Expectations Models written by Nicos M. Christodoulakis and published by . This book was released on 1988 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Rational Expectations Models with a Continuum of Convergent Solutions by : Michael Mussa
Download or read book Rational Expectations Models with a Continuum of Convergent Solutions written by Michael Mussa and published by . This book was released on 1984 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Prices, Competition, and Equilibrium by : Maurice Harry Peston
Download or read book Prices, Competition, and Equilibrium written by Maurice Harry Peston and published by Rowman & Littlefield Publishers. This book was released on 1986 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection of original essays by noted economists was written in honor of William Baumol. The contributors offer new insights into important topics in economics. Contents: MICROECONOMICS: Utility Generated Community Demand, J. Dow and H. Sonnenscheim; Perfect Equilibrium in the Duel, A. Dixit; A General Theory of Monopolistic Competition, J. Stiglitz; MACROECONOMICS: The New Econometrics, A. Blinder; Policy Evaluation and Rational Expectations Models, W. Buiter; Expected Fiscal Policy and the Recession, W. Branson, A. Fraga, R. Johnson; INDUSTRIAL ORGANIZATION: Constraint of the Acquisition Price of Capital Equipment, D. Krupka and L. White; Supervision Technology, Firm Structure and Employees' Welfare, J. Ordover; A Model of Embodied Technical Change, R. Gordon, M. Schankerman, R. Spady; FINANCIAL ECONOMICS: Dividend Payments, J. Cragg; Baumol and Finance, B. Malkiel; Investing in Plant and R&D, J. Bernstein and I. Nadiri; URBAN ECONOMICS: Incentives for Environment Protection, W. Oates; Employment Growth, E. Mills; Models and Policy, E. Bailey
Book Synopsis Routledge Library Editions: Inflation by : Various
Download or read book Routledge Library Editions: Inflation written by Various and published by Routledge. This book was released on 2021-03-11 with total page 1908 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Policymaking with Macroeconomic Models by : Andrew J. Britton
Download or read book Policymaking with Macroeconomic Models written by Andrew J. Britton and published by Dartmouth Publishing Company. This book was released on 1989 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Inflation and Unemployment by : Victor E. Argy
Download or read book Inflation and Unemployment written by Victor E. Argy and published by Routledge. This book was released on 2016-04-20 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt: Originally published in 1985 and contributed to by internationally renowned economists, this volume discusses theoretical issues and country-specific experiences to review the underlying causes of the stagflation of the 1970s and early 1980s, as well as summarizing the kinds of macro-policies that were adopted to deal with the stagflation.
Book Synopsis New Econometric Techniques for Macroeconomic Policy Evaluation by : John B. Taylor
Download or read book New Econometric Techniques for Macroeconomic Policy Evaluation written by John B. Taylor and published by . This book was released on 1984 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Optimal and Time-Consistent Polices in Continuous Time Rational Expectations Models by : Willem H. Buiter
Download or read book Optimal and Time-Consistent Polices in Continuous Time Rational Expectations Models written by Willem H. Buiter and published by . This book was released on 1983 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this note the method of Hamiltonian dynamics is used to characterize the time-consistent solution to the optimal control problem in a deterministic continuous time rational expectations model. A linear quadratic example based on the work of Miller and Salmon is used for simplicity. To derive the time-consistent rational expectations (or subgame-perfect) solution we first characterize the optimal solution made familiar e.g. through the work of Calvo. The time-consistent solution is then obtained by modifying the optimal solution through the requirement that the co-state variables (shadow prices) of the non-predetermined variables be zero at each instant. Existing solution methods and computational algorithms can be used to obtain the behaviour of the system under optimal policy and under time-consistent policy.
