Issues in Controllability and the Theory of Economic Policy / Willem H. Buiter, Mark Gersovitz.

Format:

Book

Author/Creator:

Buiter, Willem H.

Contributor:

National Bureau of Economic Research.

Gersovitz, Mark.

Series:

Technical Working Paper Series (National Bureau of Economic Research) no. t0002.

NBER technical working paper series no. t0002

Language:

English

Physical Description:

1 online resource: illustrations (black and white);

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 1981.

Summary:

The paper demonstrates that the concepts of dynamic controllability are useful for the theory of economic policy by establishing four propositions. First dynamic controllability is a central concept in stabilization policy. Second, the ability to achieve a target state, even if it cannot be maintained. may be of economic interest. Third, dynamic controllability is of special interest for 'historical' models. Fourth, the conditions for any notion of dynamic controllability are distinct from and weaker than those for Tinbergen static controllability.

Notes:

Print version record

July 1981.