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Book Optimal Stabilization Policies

Download or read book Optimal Stabilization Policies written by Jerome L. Stein and published by . This book was released on 1971 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: The approach to economic stabilization policy is indirect, but yields clear cut conclusions for stabilization policy given an equilibrium unemployment rate and the related rate of price change, based upon a steady state relation between these state variables. Define this point as the origin; and vector x measures the deviation of the economy from the desired steady state. The authors formulate a third order dynamic model of the economy in which x is the state. The purpose of the controls is to drive, in some appropriate manner, these three variables to the origin. The authors approach is to insist upon stability and also impose constraints on possible excursions of the transients x. This is done by assigning a cost or penalty function V(x) to a state which is not the desired one, and by insisting that the controls be such that the economy follow a path along which this cost is monotonically decreasing. The authors can bring V(x) monotonically to zero only when some weight is given to each component of x. The authors then present control laws which will reduce this cost monotonically to zero. (Author).

Book Expectations and Optimal Stabilization Policies

Download or read book Expectations and Optimal Stabilization Policies written by Woo Sik Jung and published by . This book was released on 1979 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Book Optimal Policies for Stabilization and Growth

Download or read book Optimal Policies for Stabilization and Growth written by Judith N. Yates and published by Gower Publishing Company, Limited. This book was released on 1971 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Book Economic Stabilization Policy

Download or read book Economic Stabilization Policy written by Benjamin M. Friedman and published by Amsterdam : North-Holland Publishing Company ; New York : American Elsevier. This book was released on 1975 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt: Background of the fundamental approach; Econometric model; Point linearization; Dynamic policy multipliers; Quadratic obtimization-the level problems of I.

Book Optimal monetary stabilization policy

Download or read book Optimal monetary stabilization policy written by Michael Woodford and published by . This book was released on 2010 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews the theory of optimal monetary stabilization policy, with an emphasis on developments since the publication of Woodford (2003). The structure of optimal policy commitments is considered, both when the objective of stabilization policy is defined by an arbitrarily specified quadratic loss function, and when the objective of policy is taken to be the maximization of expected utility. Issues treated include the time inconsistency of optimal policies and the need for commitment; the relation of optimal policy from a "timeless perspective" to the Ramsey conception of optimal policy; and the advantages of forecast targeting procedures as an approach to the implementation of optimal stabilization policy. The usefulness of characterizing optimal policy in terms of a target criterion is illustrated in a range of examples. These include models with a variety of assumptions about the nature of price and wage adjustment; models that allow for sectoral heterogeneity; cases in which policy must be conducted on the basis of imperfect information; and cases in which the zero lower bound on the policy rate constrains the conduct of policy.

Book Expectations and optimal stabilization policies

Download or read book Expectations and optimal stabilization policies written by Woo S. Jung and published by . This book was released on 1982 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Book Optimal Economic Stabilization Policy

Download or read book Optimal Economic Stabilization Policy written by Robert S. Pindyck and published by . This book was released on 1971 with total page 512 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Book An exploration of optimal stabilization policy

Download or read book An exploration of optimal stabilization policy written by Nicholas Gregory Mankiw and published by . This book was released on 2011 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: This paper examines the optimal response of monetary and fiscal policy to a decline in aggregate demand. The theoretical framework is a two-period general equilibrium model in which prices are sticky in the short run and flexible in the long run. Policy is evaluated by how well it raises the welfare of the representative household. While the model has Keynesian features, its policy prescriptions differ significantly from textbook Keynesian analysis. Moreover, the model suggests that the commonly used "bang for the buck" calculations are potentially misleading guides for the welfare effects of alternative fiscal policies.

Book Optimal Stabilization Policy when Wages and Prices are Sticky

Download or read book Optimal Stabilization Policy when Wages and Prices are Sticky written by Pierpaolo Benigno and published by . This book was released on 2004 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Erceg et al. (2000) show that when both wages and prices are sticky, maximization of expected utility is equivalent to minimizing a loss function with three terms, involving measures of the variability of wage inflation, price inflation and the output gap respectively. Here we generalize their analysis, most importantly by not assuming the existence of output and employment subsidies that eliminate the distortions resulting from market power in goods and labor markets, so that the equilibrium level of output under flexible wages and prices would not necessarily be optimal. We show that a quadratic loss function can still be justified that involves the same three terms, albeit with different relative weights and a different definition of the output gap. Many conclusions of Erceg et al. are thus found to apply more generally. However, we argue that in the presence of significant steady-state distortions, simple rules of the kind that they examine are likely to approximate optimal policy less closely than is suggested by their numerical results"--National Bureau of Economic Research web site

Book OPTIMAL GROWTH AND STABILIZATION POLICIES

Download or read book OPTIMAL GROWTH AND STABILIZATION POLICIES written by Eisuke Sakakibara and published by . This book was released on 1969 with total page 183 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Book Optimal Stabilization Policy in a Fixprice flexprice Model

Download or read book Optimal Stabilization Policy in a Fixprice flexprice Model written by Chun-Sang Cheung and published by . This book was released on 1981 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Book Optimal Stabilization Policies for Europe

Download or read book Optimal Stabilization Policies for Europe written by Reinhard Neck and published by . This book was released on 1998 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: