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The Role of Economic Policy After the New Classical Macroeconomics / Willem H. Buiter.
- Format:
- Book
- Author/Creator:
- Buiter, Willem H.
- Series:
- Technical Working Paper Series (National Bureau of Economic Research) no. t0006.
- NBER technical working paper series no. t0006
- Language:
- English
- Subjects (All):
- Economic stabilization.
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1980.
- Cambridge, Mass : National Bureau of Economic Research, 1980.
- Summary:
- The paper considers the implications of the rational expectations - New Classical Macroeconomics revolution for the "rules versus discretion" debate. The following issues are covered 1) The ineffectiveness of anticipated stabilization policy, 2) Non-causal models and rational expectations, 3) optimal control in non-causal models -the inconsistency of optimal plans. I established the robustness of the proposition that contingent (closed-loop or feedback) rules dominate fixed (open-loop) rules. The optimal contingent rule in non-causal models - the innovation or disturbance-contingent feedback rule - is quite different from the state-contingent feedback rule derived by dynamic stochastic programming
- Notes:
- Print version record
- November 1980.
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