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- W1489992912 abstract "The greatest drawback with econometrically based policy projections is their error sensitivity. Error sensitivities may be due to information errors (non-controllable shocks external to the economy as modelled) or modelling errors (disturbances caused by alterations in the structure of the economy from that modelled). This paper considers general prediction errors (which might come from either source) and studies the sensitivity of macroeconomic policy design to such errors in a multicountry setting. It argues that cooperation, as a policy regime, actually produces more robust policy designs than does non-cooperative policy making, particularly when policy makers exploit the opportunity to revise their decisions in the light of past errors." @default.
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- W1489992912 date "1989-10-01" @default.
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- W1489992912 title "The design of interdependent policies with incomplete information" @default.
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- W1489992912 doi "https://doi.org/10.1016/0264-9993(89)90019-9" @default.
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