Tatsuyoshi Miyakoshi () (Osaka School of International Public Policy (OSIPP), Osaka University) Masakatsu Okubo (Graduate School of Systems and Information Engineering,University of Tsukuba) Junji Shimada (School of Management, Aoyama Gakuin University)
Abstract
This paper proposes an alternative measure to the Lucas-Obstfeld model to analyze the welfare costs of stagnation, and provides a practical illustration of both the Lucas-Obstfeld model and the alternative model. Compared with the Lucas-Obstfeld model, the alternative model can evaluate: (i) whether the policy was implemented in a timely fashion, (ii) whether the policy cost was expensive compared with the cost of stagnation, and (iii) whether the policy implemented was effective or whether an additional policy is required.
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Publisher Info
Paper provided by Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP) in its series Discussion Papers in Economics and Business with number
07-26.