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Policy Signalling in the Open Economy: A Re-examination

In: Contemporary Economic Issues

Author

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  • Allan Drazen

    (University of Maryland)

Abstract

The effect of economic policies is rarely exactly what was planned or intended. One reason for this is uncertainty about how economic actors (including ‘nature’) will behave and, hence, about how the economy will respond to policy. Such uncertainty means that policy-makers cannot always predict the effects of their actions. Moreover, even when policymakers feel confident that they know the structure of the economy, surprises always happen — so much so that the occurrence of a surprise should be no surprise.

Suggested Citation

  • Allan Drazen, 1998. "Policy Signalling in the Open Economy: A Re-examination," International Economic Association Series, in: Holger C. Wolf (ed.), Contemporary Economic Issues, chapter 2, pages 15-36, Palgrave Macmillan.
  • Handle: RePEc:pal:intecp:978-1-349-26072-0_2
    DOI: 10.1007/978-1-349-26072-0_2
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    Cited by:

    1. Bilge Erten & Anton Korinek & José Antonio Ocampo, 2021. "Capital Controls: Theory and Evidence," Journal of Economic Literature, American Economic Association, vol. 59(1), pages 45-89, March.

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