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Issues in Controllability and the Theory of Economic Policy

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  • Willem H. Buiter
  • Mark Gersovitz

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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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Technical Working Papers with number 0002.

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Date of creation: Jul 1981
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Publication status: published as Buiter, Willem H. and Gersovitz, Mark. "Issues in Controllability and the Theory of Economic Policy." Journal of Public Economics, Vol. 15, No. 1, (February 1981), pp. 33-43.
Handle: RePEc:nbr:nberte:0002

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Cited by:
  1. Willem H. Buiter, 1984. "Policy evaluation and design for continuous time linear rational expectations models: some recent development," NBER Technical Working Papers, National Bureau of Economic Research, Inc 0034, National Bureau of Economic Research, Inc.
  2. Huiping Yuan & Stephen M. Miller, 2011. "The Optimality and Controllability of Discretionary Monetary Policy," Working papers, University of Connecticut, Department of Economics 2011-17, University of Connecticut, Department of Economics.
  3. Willem H. Buiter & Marcus H. Miller, 1983. "Costs and Benefits of an Anti-Inflationary Policy: Questions and Issues," NBER Working Papers 1252, National Bureau of Economic Research, Inc.
  4. 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.

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