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Economic stabilization policy: a survey

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  • Preston J. Miller

Abstract

This paper reviews selected studies in the theory of macroeconomic stabilization policy and summarizes their key findings. A simple model is constructed which includes all surveyed models as special cases. All solutions are derived and described step by step.

Suggested Citation

  • Preston J. Miller, 1981. "Economic stabilization policy: a survey," Staff Report 68, Federal Reserve Bank of Minneapolis.
    • Handle: RePEc:fip:fedmsr:68
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    References listed on IDEAS

    as
    1. Kareken, John H & Muench, Thomas & Wallace, Neil, 1973. "Optimal Open Market Strategy: The Use of Information Variables," American Economic Review, American Economic Association, vol. 63(1), pages 156-172, March.
    2. Lucas, Robert E, Jr, 1978. "Unemployment Policy," American Economic Review, American Economic Association, vol. 68(2), pages 353-357, May.
    3. William Poole, 1969. "Optimal choice of monetary policy instruments in a simple stochastic macro model," Special Studies Papers 2, Board of Governors of the Federal Reserve System (U.S.).
    4. Fischer, Stanley & Cooper, J Phillip, 1973. "Stabilization Policy and Lags," Journal of Political Economy, University of Chicago Press, vol. 81(4), pages 847-877, July-Aug..
    5. Chow, Gregory C, 1975. "A Solution to Optimal Control of Linear Systems with Unknown Parameters," The Review of Economics and Statistics, MIT Press, vol. 57(3), pages 338-345, August.
    6. William Poole, 1970. "Optimal Choice of Monetary Policy Instruments in a Simple Stochastic Macro Model," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 84(2), pages 197-216.
    7. Chow, Gregory C, 1972. "Optimal Control of Linear Econometric Systems with Finite Time Horizon," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 13(1), pages 16-25, February.
    8. Lucas, Robert Jr., 1972. "Expectations and the neutrality of money," Journal of Economic Theory, Elsevier, vol. 4(2), pages 103-124, April.
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