| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15 |
| DP15 Policy Evaluation and Design for Continuous Time Linear Rational Expectations Models: Some Recent Developments | |
| Willem Buiter | |
| 发表日期 | 1984-05-01 |
| 出版年 | 1984 |
| 语种 | 英语 |
| 摘要 | This 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 of the discrete time solution method of Blanchard and Kahn is reviewed. 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 Calco, 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. |
| 主题 | International Macroeconomics |
| 关键词 | Continuous time expecting rational expectations models Rational expectations |
| URL | https://cepr.org/publications/dp15 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/529171 |
| 推荐引用方式 GB/T 7714 | Willem Buiter. DP15 Policy Evaluation and Design for Continuous Time Linear Rational Expectations Models: Some Recent Developments. 1984. |
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