| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP36
|
| DP36 Macroeconomic Policy Design and Control Theory - A Failed Partnership? |
| Jane Rapson
|
| 发表日期 | 1984-09-01
|
| 出版年 | 1984
|
| 语种 | 英语
|
| 摘要 | This paper provides a general review of recent developments in the application of control theory to macroeconomic policy design. It starts by highlighting the crucial difference between the engineering and economic control problem, in that the latter, unlike the former, is concerned with the control of intelligent systems. It examines the problems that this creates for macroeconomic policy formulation, and considers the usefulness of the rational expectations assumption in this context. Policy formulation is then analysed in the context of an interdependent world, and the dangers of single country policy optimisation are highlighted. It is argued that the most pressing issue is that of formulating appropriate rules, supported by penalty strategies, for the orderly conduct of macroeconomic policy in an international setting. The paper concludes by examining the conduct of United Kingdom macropolicy over the past five years, arguing that greater attention to issues of macropolicy design would have avoided some serious deficiencies in the conduct of policy. |
| 主题 | International Macroeconomics
|
| 关键词 | Control theory
Game theory
Macroeconomic policy
Rational expectations
|
| URL | https://cepr.org/publications/dp36
|
| 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/529186
|
推荐引用方式
GB/T 7714 |
Jane Rapson. DP36 Macroeconomic Policy Design and Control Theory - A Failed Partnership?. 1984.
|
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