Destabilizing optimal policies in the business cycle

Abstract : It is often believed that governments should either abstain from leading activist policies, or if they lead such policies, that these policies should somehow be "stabilizing", in the sense of reducing the volatilities of some endogenous variables. We construct a model with explicit foundations where the optimal policies are activist, and they make both employment and output more volatile than in the no intervention case.
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Journal of Economic Dynamics and Control, Elsevier, 2012, 36 (9), pp.1364-1371. 〈10.1016/j.jedc.2012.02.009〉
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Soumis le : samedi 13 avril 2013 - 12:15:07
Dernière modification le : jeudi 11 janvier 2018 - 06:23:24

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Jean-Pascal Bénassy. Destabilizing optimal policies in the business cycle. Journal of Economic Dynamics and Control, Elsevier, 2012, 36 (9), pp.1364-1371. 〈10.1016/j.jedc.2012.02.009〉. 〈hal-00812902〉

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