Adam, Klaus (contributor); Billi, Roberto M. (contributor) - 2004
,g.
11
4.1 Discussion
4.1.1 Relation to earlier work
The new feature of our policy problem, outlined in the previous section …
Technically, this approach is equivalent to linearizing the first order conditions of the
nonlinear Ramsey problem around the … what purely forward looking
policy suggests.
Instead of deriving the first order conditions of problem (9) and trying
to …