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Policy Effectiveness and Design in New Classical Models

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  • Marini, Giancarlo

Abstract

Stabilization policy is feasible and desirable in a class of standard new classical rational expectations macromodels even when full information output is policy independent. Neither different information across private agents nor the existence of an economy-wide financial market are necessary for the above result. In a context of partial current information, policy effectiveness only requires that the price level is a nonpredetermined variable. Copyright 1988 by Royal Economic Society.

Suggested Citation

  • Marini, Giancarlo, 1988. "Policy Effectiveness and Design in New Classical Models," Oxford Economic Papers, Oxford University Press, vol. 40(4), pages 646-654, December.
  • Handle: RePEc:oup:oxecpp:v:40:y:1988:i:4:p:646-54
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    Cited by:

    1. Marini, G. & Scaramozzino, P., 1989. "Monopolistic competition, expected inflation and contract length," Discussion Paper 1989-40, Tilburg University, Center for Economic Research.

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