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Models of policy under stochastic replanning Author info | Abstract | Publisher info | Download info | Related research | Statistics William Roberds
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This paper considers a policy environment in which policy is not set by a single policymaker, but by a sequence of policymaking administrations. Administration turnover is determined by a simple random process. The consequences of administration turnover are traced through for two versions of a linear rational expectations model, and numerical simulations of various policy environments are presented.
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Paper provided by Federal Reserve Bank of Minneapolis in its series Staff Report with number
104.
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Date of creation: 1986Date of revision:
Handle: RePEc:fip:fedmsr:104Contact details of provider: Postal: 90 Hennepin Avenue, P.O. Box 291, Minneapolis, MN 55480-0291 Phone: (612) 204-5000 Web page: http://minneapolisfed.org/ More information through EDIRC
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Keywords: Econometric models ; Monetary policy ; Other versions of this item:
This paper has been announced in the following NEP Reports :
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references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
Fabrizio Zampolli & Andrew Blake, 2005.
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International Finance Discussion Papers
944, Board of Governors of the Federal Reserve System (U.S.).
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Andrea Tambalotti & Ernst Schaumburg, 2004.
"An Investigation of the Gains from Commitment in Monetary Policy ,"
Econometric Society 2004 North American Summer Meetings
282, Econometric Society.
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Ernst Schaumburg & Andrea Tambalotti, 2003.
"An Investigation of the Gains from Commitment in Monetary Policy ,"
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A. Hakan Kara, 2007.
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Nunes, Ricardo, 2008.
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William Roberds, 1986.
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A. Hakan Kara, 2004.
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A. Hakan Kara, 2003.
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Kenneth Kasa, 1999.
"Model uncertainty, robust policies, and the value of commitment ,"
Working Papers in Applied Economic Theory
99-14, Federal Reserve Bank of San Francisco.
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