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Public policies: will policy be ineffective if welfare is a random-walk

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  • Abereniye Atemie-Obuoforibo
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    Abstract

    This study contradicts the view that policy cannot be effective if the welfare variable is a random-walk. Also, the study disagrees with the methodology employed by some proponents of this view, and goes on to show that the conclusion of policy ineffectiveness was only due to a wrong inference procedure. Furthermore, it points out that the notion of policy effectiveness suggests the examination of the relationship between policy and welfare; hence, what to look for is not a trend in the individual time series, but a common trend which relates the policy instrument and the welfare-variable in the policy environment under consideration.

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    File URL: http://www.tandfonline.com/doi/abs/10.1080/00036840010009874
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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal Applied Economics.

    Volume (Year): 33 (2001)
    Issue (Month): 11 ()
    Pages: 1443-1453

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    Handle: RePEc:taf:applec:v:33:y:2001:i:11:p:1443-1453

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