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Issues in controllability and the theory of economic policy

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  • Buiter, Willem H.
  • Gersovitz, Mark

Abstract

The paper demonstrates that the concepts of dynamic controllability are useful for the theory of economic policy by establishing four propositions. First dynamic controllability is a central concept in stabilization policy. Second, the ability to achieve a target state, even if it cannot be maintained. may be of economic interest. Third, dynamic controllability is of special interest for 'historical' models. Fourth, the conditions for any notion of dynamic controllability are distinct from and weaker than those for Tinbergen static controllability.

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File URL: http://www.sciencedirect.com/science/article/B6V76-45910KD-Y/2/eeff143aa99b11a6b6a3c469eaecb469
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Bibliographic Info

Article provided by Elsevier in its journal Journal of Public Economics.

Volume (Year): 15 (1981)
Issue (Month): 1 (February)
Pages: 33-43

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Handle: RePEc:eee:pubeco:v:15:y:1981:i:1:p:33-43

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Web page: http://www.elsevier.com/locate/inca/505578

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Cited by:
  1. Willem H. Buiter & Marcus H. Miller, 1986. "Costs and Benefits of an Anti-Inflationary Policy: Questions and Issues," NBER Working Papers 1252, National Bureau of Economic Research, Inc.
  2. Buiter, Willem H, 1984. "Policy Evaluation and Design for Continuous Time Linear Rational Expectations Models: Some Recent Developments," CEPR Discussion Papers 15, C.E.P.R. Discussion Papers.
  3. Willem H. Buiter, 1987. "The Right Combination of Demand and Supply Policies: The Case for a Two-Handed Approach," NBER Working Papers 2333, National Bureau of Economic Research, Inc.
  4. Huiping Yuan & Stephen M. Miller, 2011. "The Optimality and Controllability of Discretionary Monetary Policy," Working papers 2011-17, University of Connecticut, Department of Economics.

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