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Models of Policy under Stochastic Replanning

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  • Roberds, William

Abstract

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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  • Roberds, William, 1987. "Models of Policy under Stochastic Replanning," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 28(3), pages 731-755, October.
    • Handle: RePEc:ier:iecrev:v:28:y:1987:i:3:p:731-55
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