The Emerging New Theory of Economic Policy
AbstractThis paper outlines the evolution of the theory of economic policy from the classical contributions of Ragnar Frisch, Ian Tinbergen, Bent Hansen, Henri Theil to recent work in the field of strategic interaction. The new, emerging theory of economic policy, albeit rooted in the classical paradigm, is consistent with rational expectations, and is particularly important for model building, as it states general conditions for the effectiveness of economic policy and the existence of equilibrium.
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Bibliographic InfoArticle provided by Camera di Commercio di Genova in its journal Economia Internazionale / International Economics.
Volume (Year): 61 (2008)
Issue (Month): 2-3 ()
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Policy Games; Policy Effectiveness; Controllability; Equilibrium Existence;
Find related papers by JEL classification:
- C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
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