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The Limits of Counter-Cyclical Monetary Policy: an Analysis Based on Optimal Control Theory and Vector Autoregressions

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  • Robert Litterman

Abstract

Optimal control theory can be combined with the probability structure of a vector autoregression to investigate the tradeoffs available to policy-makers. Such an approach obtains results based on a minimal set of assumptions about the economy and the structure of policy actions. This paper takes this approach to analyze the potential effectiveness of countercyclical monetary policy.

Suggested Citation

  • Robert Litterman, 1987. "The Limits of Counter-Cyclical Monetary Policy: an Analysis Based on Optimal Control Theory and Vector Autoregressions," Annals of Economics and Statistics, GENES, issue 6-7, pages 125-160.
    • Handle: RePEc:adr:anecst:y:1987:i:6-7:p:125-160
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    Cited by:

    1. Robert Marti, 1995. "Spécification des préférences implicites en matière de politique économique française, 1981-1991," Économie et Prévision, Programme National Persée, vol. 119(3), pages 1-11.
    2. Enrique M. Quilis(1), "undated". "Modelos Bvar: Especificación, Estimación E Inferencia," Working Papers 8-02 Classification-JEL :, Instituto de Estudios Fiscales.

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