Search Results - subject:"unconditional expectations"

Ordering policy rules with an unconditional welfare measure

Damjanovic, Tatiana; Damjanovic, Vladislav; Nolan, Charles - Department of Economics, Adam Smith Business School - 2011

The unconditional expectation of social welfare is often used to assess alternative macroeconomic policy rules in applied quantative research. It is shown that it is generally possible to derive a linear-quadratic problem that approximates the exact non-linear porblem where the unconditional...

Persistent link: https://www.econbiz.de/10009398868

Ordering Policy Rules with an Unconditional Welfare Measure

Damjanovic, Tatiana; Damjanovic, Vladislav; Nolan, Charles - Centre for Dynamic Macroeconomic Analysis, University … - 2011

The unconditional expectation of social welfare is often used to assess alternative macroeconomic policy rules in applied quantitative research. This paper provides a detailed analysis of such policies. It sets out the unconditionally optimal (UO) policy problem and derives an LQ version of that...

Persistent link: https://www.econbiz.de/10008925846

Ordering policy rules with an unconditionalwelfare measure

Damjanovic, Tatiana; Damjanovic, Vladislav; Nolan, Charles - School of Economics and Finance, University of St. Andrews - 2011

The unconditional expectation of social welfare is often used to assess alternative macroeconomic policy rules in applied quantitative research. It is shown that it is generally possible to derive a linear-quadratic problem that approximates the exact non-linear problem where the unconditional...

Persistent link: https://www.econbiz.de/10008925847

Linear-Quadratic Approximation to Unconditionally Optimal Policy: The Distorted Steady-State

Damjanovic, Tatiana; Damjanovic, Vladislav; Nolan, Charles - Centre for Dynamic Macroeconomic Analysis, University … - 2008

: E20; E32; F32; F41. Keywords: Unconditional expectations, Optimal monetary policy. 1. Introduction Taylor (1979 … interesting discussion of these, and related, issues. 4 where  is the unconditional expectations operator. We call such a policy … conditions (2.8) and the property of unconditional expectations that +1 = , we can show that the …rts line of expression(6 …

Persistent link: https://www.econbiz.de/10005671093

Unconditionally Optimal Monetary Policy

Damjanovic, Tatiana; Damjanovic, Vladislav; Nolan, Charles - Centre for Dynamic Macroeconomic Analysis, University … - 2007

Classification: E20, E32, F32, F41. Keywords: Unconditional expectations, optimal monetary policy. 1. Introduction In this …+1;Zt;zt;it; t) = 0 (2.3) such that ' = argminELt('); (2.4) where E denotes the unconditional expectations operator. We …: Using the property of unconditional expectations, such that Eyt = Eyt+j; re-formulate this as J = E [l(xt; t) + tF (Etxt+1 …

Persistent link: https://www.econbiz.de/10005807914

Ordering Policy Rules with an Unconditional Welfare Measure

Damjanovic, Tatiana; Damjanovic, Vladislav; Nolan, Charles - Scottish Institute for Research in Economics (SIRE) - 2011

The unconditional expectation of social welfare is often used to assess alternative macroeconomic policy rules in applied quantitative research. It is shown that it is generally possible to derive a linear - quadratic problem that approximates the exact non-linear problem where the unconditional...

Persistent link: https://www.econbiz.de/10010550787

Ordering policy rules with an unconditional welfare measure

Damjanovic, Tatiana; Damjanovic, Vladislav; Nolan, Charles - Scottish Institute for Research in Economics (SIRE) - 2011

Persistent link: https://www.econbiz.de/10010550798