| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP515 |
| 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 |
| URL | https://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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