How macroeconomists lost control of stabilization policy: towards dark ages
Jean-Bernard Chatelain
(1, 2)
,
Kirsten Ralf
(3)
Jean-Bernard Chatelain
- Fonction : Auteur
- PersonId : 8315
- IdHAL : jean-bernard-chatelain
- ORCID : 0000-0001-7768-9369
- IdRef : 137447256
Résumé
This paper is a study of the history of the transplant of mathematical tools using negative feedback for macroeconomic stabilisation policy from 1948 to 1975 and the subsequent break of the use of control for stabilisation policy which occurred from 1975 to 1993. New-classical macroeconomists selected a subset of the tools of control that favoured their support of rules against discretionary stabilisation policy. The Lucas critique and Kydland and Prescott’s time-inconsistency were over-statements that led to the “dark ages” of the prevalence of the stabilisation-policy-ineffectiveness idea. These over-statements were later revised following the success of the Taylor rule.
Domaines
Economies et financesFormat du dépôt | Notice |
---|---|
Type de dépôt | Article dans une revue |
Titre |
en
How macroeconomists lost control of stabilization policy: towards dark ages
|
Résumé |
en
This paper is a study of the history of the transplant of mathematical tools using negative feedback for macroeconomic stabilisation policy from 1948 to 1975 and the subsequent break of the use of control for stabilisation policy which occurred from 1975 to 1993. New-classical macroeconomists selected a subset of the tools of control that favoured their support of rules against discretionary stabilisation policy. The Lucas critique and Kydland and Prescott’s time-inconsistency were over-statements that led to the “dark ages” of the prevalence of the stabilisation-policy-ineffectiveness idea. These over-statements were later revised following the success of the Taylor rule.
|
Auteur(s) |
Jean-Bernard Chatelain
1, 2
, Kirsten Ralf
3
1
PSE -
Paris School of Economics
( 301309 )
- 48 boulevard Jourdan 75014 Paris
- France
2
PJSE -
Paris Jourdan Sciences Economiques
( 578027 )
- 48 boulevard Jourdan 75014 Paris
- France
3
ESCE – International Business School
( 479378 )
- 6 Cours Albert Thomas BP 8242 69355 Lyon Cedex 08 France
- France
|
Public visé |
Scientifique
|
Langue du document |
Anglais
|
Nom de la revue |
|
Vulgarisation |
Non
|
Comité de lecture |
Oui
|
Audience |
Internationale
|
Volume |
27
|
Numéro |
6
|
Page/Identifiant |
938-982
|
Date de publication |
2020-11
|
Mots-clés (JEL) |
|
Domaine(s) |
|
Projet(s) ANR |
|
Mots-clés |
en
Control, Stabilisation policy ineffectiveness, Negative feedback, Dynamic games
|
DOI | 10.1080/09672567.2020.1817119 |
UT key WOS | 000573129800001 |
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