Policy Evaluation in Macroeconomics - NBER
A well-known result in macroeconomic theory is that optimal fiscal and monetary policy features smooth distortionary income tax rates and highly volatile and unpredictable inflation rates. The intuition behind this result is straightforward: surprise inflation is equivalent to a lump-sum tax on nominal asset holdings.
We describe some of the main features of the recent vintage macroeconomic models used for monetary policy evaluation. We point to some of the key differences with respect to the earlier generation of macro models, and highlight the insights …
Based on this result, I argue that macroeconomic policy evaluation intended to be of practical value should rely considerably less on putatively structural macroeconomic models and considerably more on regression-based approaches.
Macroeconomic Policy in a World Economy - Stanford University
This page contains the complete book Macroeconomic Policy in a World Economy in pdf format for viewing, downloading, or printing. The book describes the theoretical form and the empirical estimation of a forward-looking multicountry model (sometimes called …
Statistical Analysis and Evaluation of Macroeconomic Policies: …
2020年3月22日 · In this paper, we highlight some recent developments of a new route to evaluate macroeconomic policy effects, which are investigated under the framework with potential outcomes. First, this paper begins with a brief introduction of the basic model setup in modern econometric analysis of program evaluation.
In fact, the macroeconomic policy evaluation reported below involves simulating such policy rules in an estimated multicountry model that has exchange rates and that captures the interaction between countries.
First, this paper begins with a brief introduction of the basic model setup in modern econometric analysis of program evaluation. Secondly, primary attention goes to the focus on causal e ect estimation of macroeconomic policy with single time series data together with some extensions to multiple time series data.
Practical macroeconomic policy evaluation - CEPR
2018年6月18日 · This column suggests how theoretical and applied microeconomics can be used to develop a framework for modern macroeconomic policymaking, and demonstrates how game-theoretic principles could be used to make series of sequential policy decisions.
In this paper, we show that it is not necessary to know the full structure of the economy to evaluate a macro policy decision. Instead, only two statistics are su cient to detect, and often correct, non-optimal policies, i.e., policies that do not minimize the loss function.
MACROECONOMIC POLICY EVALUATION AND OPTIMAL …
This survey addresses the recent literature on the application of optimal control theory and game theory to macroeconomic policy evaluation and design. This literature focuses on strategic interactions between governments and private agents engaged in dynamic non-cooperative games and emphasizes such issues as precommitment, credibility and ...