Models of policy under stochastic replanning

This paper considers a policy environment in which policy is not set by a single policymaker, but by a sequence of policymaking administrations. Administration turnover is determined by a simple random process. The consequences of administration turnover are traced through for two versions of a linear rational expectations model, and numerical simulations of various policy environments are presented.

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Year of publication:	1986
Authors:	Roberds, William
Institutions:	Federal Reserve Bank of Minneapolis
Subject:	Econometric models \| Monetary policy

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Extent:	application/pdf
Series:	Staff Report.
Type of publication:	Book / Working Paper
Notes:	Number 104
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005367741