Format du dépôt |
Fichier |
Type de dépôt |
Pré-publication, Document de travail |
Résumé |
en
The determinacy of dynamic stochastic general equilibrium models including fiscal, macro-prudential or Taylor rules relies on the assumption that policy instruments are forward-looking when policy targets are also forward-looking. Blanchard and Kahn (1980) determinacy condition does not forbid to assume that policy instruments are backward-looking when policy targets are forward-looking, as it is the case for Ramsey optimal policy under quasi-commitment. There is indeterminacy of determinacy unless six criteria are considered which are in favor of assuming that
policy instruments are backward-looking when policy targets are forward-looking.
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Titre |
en
The Indeterminacy of Determinacy with Fiscal, Macro-prudential or Taylor Rules
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Auteur(s)
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Jean-Bernard Chatelain
1, 2
, Kirsten Ralf
3
1
PSE -
Paris School of Economics
( 301309 )
- 48 boulevard Jourdan 75014 Paris
- France
-
Université Paris 1 Panthéon-Sorbonne ( 7550 )
;
-
École normale supérieure - Paris ( 59704 )
;
-
Université Paris Sciences et Lettres ( 564132 )
;
-
École des hautes études en sciences sociales ( 99539 )
;
-
École des Ponts ParisTech ( 301545 )
;
-
Centre National de la Recherche Scientifique ( 441569 )
;
-
Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement ( 577435 )
2
PJSE -
Paris Jourdan Sciences Economiques
( 1171428 )
- 48 boulevard Jourdan 75014 Paris
- France
-
Université Paris 1 Panthéon-Sorbonne UMR8545 ( 7550 )
;
-
École normale supérieure - Paris ( 59704 )
;
-
Université Paris Sciences et Lettres ( 564132 )
;
-
Institut National de la Recherche Agronomique UMR1393 ( 92114 )
;
-
École des hautes études en sciences sociales ( 99539 )
;
-
École des Ponts ParisTech ( 301545 )
;
-
Centre National de la Recherche Scientifique ( 441569 )
3
ESCE – International Business School
( 479378 )
- 6 Cours Albert Thomas BP 8242 69355 Lyon Cedex 08 France
- France
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Langue du document |
Anglais
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Date de production/écriture |
2018-09
|
Domaine(s) |
-
Sciences de l'Homme et Société/Economies et finances
|
Mots-clés (JEL) |
-
B - History of Economic Thought, Methodology, and Heterodox Approaches/B.B2 - History of Economic Thought since 1925/B.B2.B22 - Macroeconomics
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B - History of Economic Thought, Methodology, and Heterodox Approaches/B.B2 - History of Economic Thought since 1925/B.B2.B23 - Econometrics • Quantitative and Mathematical Studies
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B - History of Economic Thought, Methodology, and Heterodox Approaches/B.B4 - Economic Methodology/B.B4.B41 - Economic Methodology
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C - Mathematical and Quantitative Methods/C.C5 - Econometric Modeling/C.C5.C52 - Model Evaluation, Validation, and Selection
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E - Macroeconomics and Monetary Economics/E.E3 - Prices, Business Fluctuations, and Cycles/E.E3.E31 - Price Level • Inflation • Deflation
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O - Economic Development, Innovation, Technological Change, and Growth/O.O4 - Economic Growth and Aggregate Productivity/O.O4.O41 - One, Two, and Multisector Growth Models
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O - Economic Development, Innovation, Technological Change, and Growth/O.O4 - Economic Growth and Aggregate Productivity/O.O4.O47 - Empirical Studies of Economic Growth • Aggregate Productivity • Cross-Country Output Convergence
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Référence interne |
-
PSE Working Papers n°2018-45
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Mots-clés |
en
Determinacy, Proportional Feedback rules, Dynamic Stochastic General Equilibrium, Taylor rule, Fiscal rule, Macro-prudential rule, optimal control, Ramsey optimal policy under quasi-commitment
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