FRINK Linked Data Fragments server

Matches in SemOpenAlex for { <https://semopenalex.org/work/W2011004810> ?p ?o ?g. }

• W2011004810 endingPage "296" @default.
• W2011004810 startingPage "296" @default.
• W2011004810 abstract "Lucas' criticism was an important step in the development of rational expectations and the ensuing debate over policy-effectiveness. In a macro framework, where the main interest is on the effect of monetary policy on output, the Lucas criticism implies that changes in policy feedback rules will result in systematic changes in estimated models.' (See, for example, Barro (1977, 1978).) Kydland and Prescott (1977) and Calvo (1978) pointed out another implication of rational expectations for policy-making; if policy-makers are following a rule at time t, they may find it optimal to switch to another rule at some future time t + T, T > 0. Of course, a certain amount of parameter variability may be found in all econometric models. However, if the main source of parameter variability in the model is the lack of a learning mechanism about the behavior of the policy-maker, then the incorporation of a continuously-adjusting policy expectations mechanism would reduce parameter variation. Thus, if the rational expectations specification is the proper way to specify models, one may expect relatively less parameter variability in those models which make use of policy anticipations than those models which do not.2 This paper attempts to address the issues of parameter variability and parameter policy dependence by an analysis of two supply-side equations. One equation is from the Fair model, which does not incorporate rational expectations, and the other is from the Sargent model, which does. The parameter variability and parameter policy-dependence of these two equations are explored in three ways. First, the timevarying estimates in the Fair and Sargent supply-side equations are obtained with the Kalman filter algorithm, and the parameter variations of the two equations are compared. Second, Sargent's model is estimated with two different policy expectations mechanisms-one in which the expectation rule remains fixed during the sample period, and the other in which the expectation rule is allowed to adjust as new information becomes available. These estimates are compared to see if variation is reduced when expectations adjust at each time period. Finally, since the estimates themselves form well-defined stochastic processes, a series of Granger causality tests is presented to show if the variations in these estimated parameters are indeed caused' by changes in policy variables." @default.
• W2011004810 created "2016-06-24" @default.
• W2011004810 creator A5036707858 @default.
• W2011004810 creator A5076507680 @default.
• W2011004810 date "1982-05-01" @default.
• W2011004810 modified "2023-09-26" @default.
• W2011004810 title "Policy-Dependent Parameters in the Presence of Optimal Learning: An Application of Kalman Filtering to the Fair and Sargent Supply-Side Equations" @default.
• W2011004810 cites W1963921091 @default.
• W2011004810 cites W2016080904 @default.
• W2011004810 cites W2059615788 @default.
• W2011004810 cites W2070720254 @default.
• W2011004810 cites W2075874676 @default.
• W2011004810 cites W2078636323 @default.
• W2011004810 cites W2082572371 @default.
• W2011004810 cites W2101567517 @default.
• W2011004810 cites W2137404364 @default.
• W2011004810 cites W2169417293 @default.
• W2011004810 cites W2549568718 @default.
• W2011004810 doi "https://doi.org/10.2307/1924309" @default.
• W2011004810 hasPublicationYear "1982" @default.
• W2011004810 type Work @default.
• W2011004810 sameAs 2011004810 @default.
• W2011004810 citedByCount "17" @default.
• W2011004810 crossrefType "journal-article" @default.
• W2011004810 hasAuthorship W2011004810A5036707858 @default.
• W2011004810 hasAuthorship W2011004810A5076507680 @default.
• W2011004810 hasConcept C144237770 @default.
• W2011004810 hasConcept C149782125 @default.
• W2011004810 hasConcept C154945302 @default.
• W2011004810 hasConcept C157286648 @default.
• W2011004810 hasConcept C162324750 @default.
• W2011004810 hasConcept C175444787 @default.
• W2011004810 hasConcept C2992107181 @default.
• W2011004810 hasConcept C33923547 @default.
• W2011004810 hasConcept C41008148 @default.
• W2011004810 hasConceptScore W2011004810C144237770 @default.
• W2011004810 hasConceptScore W2011004810C149782125 @default.
• W2011004810 hasConceptScore W2011004810C154945302 @default.
• W2011004810 hasConceptScore W2011004810C157286648 @default.
• W2011004810 hasConceptScore W2011004810C162324750 @default.
• W2011004810 hasConceptScore W2011004810C175444787 @default.
• W2011004810 hasConceptScore W2011004810C2992107181 @default.
• W2011004810 hasConceptScore W2011004810C33923547 @default.
• W2011004810 hasConceptScore W2011004810C41008148 @default.
• W2011004810 hasIssue "2" @default.
• W2011004810 hasLocation W20110048101 @default.
• W2011004810 hasOpenAccess W2011004810 @default.
• W2011004810 hasPrimaryLocation W20110048101 @default.
• W2011004810 hasRelatedWork W1973538245 @default.
• W2011004810 hasRelatedWork W2013444265 @default.
• W2011004810 hasRelatedWork W2030617584 @default.
• W2011004810 hasRelatedWork W2056210026 @default.
• W2011004810 hasRelatedWork W2081100508 @default.
• W2011004810 hasRelatedWork W2161519270 @default.
• W2011004810 hasRelatedWork W2168641513 @default.
• W2011004810 hasRelatedWork W2899084033 @default.
• W2011004810 hasRelatedWork W3125009192 @default.
• W2011004810 hasRelatedWork W331667891 @default.
• W2011004810 hasVolume "64" @default.
• W2011004810 isParatext "false" @default.
• W2011004810 isRetracted "false" @default.
• W2011004810 magId "2011004810" @default.
• W2011004810 workType "article" @default.