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- W1515289364 abstract "The paper investigates the robustness of the proposition that in stochastic models contingent or feddback rules dominate fiped or openloop rules. Four arguments in favour of fixed rules are considere`. 1) The presence of an incompetent op malevolent policy maker. 2) A trade-off between flexibility and simplicity or credibility. 3) The New Classical proposition that only unanticipated (stabilization) policy has real effects. 4) The time-inconsistency of optimal plans in non-causal models, that is models in which the current state of the economy depends on expectations of future states. The main conclusion is that the rational expectations revolution, represented by arguments (3) and (4) does not affect the potential superiority of (time-inconsistent) closed-loop policies over (time-inconsistent) open-loop policies. The case against conditionality in the design of policy must therefore rest on argument (1) or (2) which predate the New Classical Macroeconomics." @default.
- W1515289364 created "2016-06-24" @default.
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- W1515289364 date "1981-12-01" @default.
- W1515289364 modified "2023-10-17" @default.
- W1515289364 title "The Superiority of Contingent Rules over Fixed Rules in Models with Rational Expectations" @default.
- W1515289364 doi "https://doi.org/10.3386/t0009" @default.
- W1515289364 hasPublicationYear "1981" @default.
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