Andrew, Hughes Hallett; Nicola, Acocella; Giovanni, Di … - In: Studies in Nonlinear Dynamics & Econometrics 16 (2012) 2, pp. 1-25
Economic theory does not have a formal model of how announcements of future policies affect economic performance, or how they could be used to manage expectations. In this paper, we show that, in general, the controllability conditions stated by Tinbergen continue to hold under rational...