G2TT
来源类型Discussion paper
规范类型论文
来源IDDP515
DP515 Should Rules be Simple?
Paul Levine
发表日期1991-03-01
出版年1991
语种英语
摘要The principal argument of the paper is that in an incomplete information setting, where the private sector lacks information on goverment objectives and has to learn about the policy rule by direct observation and estimation, simple `sub-optimal' rules may outperform the more complicated rule that is optimal under complete information. This result is demonstrated by simulations using an overlapping contract rational expectations model. The paper thus provides some formal reasoning to support arguments for simplicity associated with credibility and the need for the private sector to be able to monitor policy.
主题International Macroeconomics
关键词Credibility Learning Rational expectations Simple rules
URLhttps://cepr.org/publications/dp515
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/529674
推荐引用方式
GB/T 7714
Paul Levine. DP515 Should Rules be Simple?. 1991.
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