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Revealed preferences for macroeconomic stabilization

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Author Info
David Kiefer (University of Utah)
Abstract

In the new Keynesian model of endogenous stabilization governments have objectives with respect to macroeconomic performance, but are constrained by an augmented Phillips curve. Because they react more quickly to inflation shocks than private agents, governments can lean against the macroeconomic wind. We develop an econometric test of this characterization of the political-economic equilibrium. Applying this methodology to a variety of quadratic social welfare functions provides inferences about the functional form of stabilization preferences and about the formation of expectations.

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File URL: http://www4.cema.edu.ar/pjae/m/163Kiefer200805
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Publisher Info
Article provided by Universidad del CEMA in its journal Journal of Applied Economics.

Volume (Year): XI (2008)
Issue (Month): (May)
Pages: 119-143
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Handle: RePEc:cem:jaecon:v:11:y:2008:n:1:p:119-143

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Related research
Keywords: endogenous stabilization; policy objectives; adaptive expectations;

Find related papers by JEL classification:
E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization

Cited by:
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  1. David Kiefer, 2008. "New Keynesian Endogenous Stabilization in a Panel of Countries," Working Paper Series, Department of Economics, University of Utah 2008_19, University of Utah, Department of Economics. [Downloadable!]
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This page was last updated on 2009-11-2.

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