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- W3121415013 abstract "It is a common practice in political discussions in the United States to hold a presidential administration accountable for the state of the economy that existed during its four-year period in office. Administrations are generally blamed for high unemployment rates, low real growth, and high inflation rates during their years in office and praised for the opposite. Although at first glance this seems a natural way of evaluating the economic performances of administrations, there are at least two serious problems with it. The first is that this kind of evaluation does not take into account possible differences in the degree of difficulty of controlling the economy in different periods. The economy may be more difficult to control for one administration than for another either because of more unfavorable values of noncontrolled exogenous variables for one than for another or because of a more unfavorable initial state of the economy for one than for another (or both). The second problem with evaluating the economic performance of an administration on the basis of the state of the economy that existed during its four-year period in office is that it ignores the effects of an administration's policies on the state of the economy beyond the four-year period. If, for example, an administration strongly stimulates the economy in the year of the presidential election, in, say, the belief that this might improve the chances of its party staying in power, most of the inflationary effects of this policy may not be felt until the next four-year period. Any evaluation of performance that was concerned only with the administration's four-year period in office would not, of course, pick up these effects. The purpose of this paper is to propose a measure of economic performance that takes into account both of these problems. The measure is based on the solutions of optimal control problems. It requires that a welfare -or loss function be postulated and that the economy be represented by an econometric model." @default.
- W3121415013 created "2021-02-01" @default.
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- W3121415013 date "1976-01-01" @default.
- W3121415013 modified "2023-09-27" @default.
- W3121415013 title "The Use of Optimal Control Techniques to Measure Economic Performance" @default.
- W3121415013 hasPublicationYear "1976" @default.
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