Optimal policy rules and regime switching in disequilibrium models
1985 (English)In: Journal of Public Economics, ISSN 0047-2727, E-ISSN 1879-2316, Vol. 27, no 2, 247-254 p.Article in journal (Refereed) Published
This paper emphasizes the need to search for globally optimal policy levels (for public production, say) in fix-price disequilibrium analysis. Regime-specific rules are inadequate. They ignore the fact that moving a policy towards its optimal level may move the economy from its initial disequilibrium regime to a different regime where the rule no longer applies.
Place, publisher, year, edition, pages
1985. Vol. 27, no 2, 247-254 p.
Research subject Economics
IdentifiersURN: urn:nbn:se:uu:diva-20143DOI: 10.1016/0047-2727(85)90049-0OAI: oai:DiVA.org:uu-20143DiVA: diva2:47916