Equilibrium Coordination With Discretionary Policy Making
نویسندگان
چکیده
منابع مشابه
Monetary Policy Delegation and Equilibrium Coordination ∗ Andrew
This paper revisits the argument that the stabilisation bias that arises under discretionary monetary policy can be reduced if policy is delegated to a policymaker with redesigned objectives. We study four delegation schemes: price level targeting, interest rate smoothing, speed limits and straight conservatism. These can all increase social welfare in models with a unique discretionary equilib...
متن کاملMonetary Policy Delegation and Equilibrium Coordination
This paper revisits the argument that the stabilisation bias that arises under discretionary monetary policy can be reduced if policy is delegated to a policymaker with redesigned objectives. We study four delegation schemes: price level targeting, interest rate smoothing, speed limits and straight conservatism. These can all increase social welfare in models with a unique discretionary equilib...
متن کاملReassessing Discretionary Fiscal Policy
n 1992, President Bush proposed legislation intended to speed up the recovery from the 1990-91 recession. Congress rejected this proposal for countercyclical fiscal policy stimulus. In early 1993 President Clinton proposed his own stimulus package, but Congress rejected this proposal too. Many reasons were given for deciding against these two discretionary fiscal policy proposals, but perhaps t...
متن کاملA model with policy network approach for entrepreneurship policy making
One policy making issue that needs to be addressed more effectively through an intergovernmental and participatory approach is entrepreneurship policy. Entrepreneurship is an area where interdependencies are very high, and the establishment of collaborative relationships such as networks is vital. Therefore, a network approach in the entrepreneurial policy-making process, which leads to the inv...
متن کاملExpectations Traps and Coordination Failures with Discretionary Policymaking
Discretionary policymakers cannot manage private-sector expectations and cannot coordinate the actions of future policymakers. As a consequence, expectations traps and coordination failures can occur and multiple equilibria can arise. To utilize the explanatory power of models with multiple equilibria it is first necessary to understand how an economy arrives to a particular equilibrium. In thi...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: The Economic Journal
سال: 2017
ISSN: 0013-0133,1468-0297
DOI: 10.1111/ecoj.12407