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- handle: 10670/1.g2vtef
- halshs: halshs-03029894
- doi: 10.1080/09672567.2020.1817119
- WOS: 000573129800001
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info:eu-repo/semantics/altIdentifier/doi/10.1080/09672567.2020.1817119
Mots-clés
Control Stabilisation policy ineffectiveness Negative feedback Dynamic games B - History of Economic Thought, Methodology, and Heterodox Approaches/B.B2 - History of Economic Thought since 1925/B.B2.B22 - Macroeconomics C - Mathematical and Quantitative Methods/C.C6 - Mathematical Methods • Programming Models • Mathematical and Simulation Modeling/C.C6.C61 - Optimization Techniques • Programming Models • Dynamic Analysis C - Mathematical and Quantitative Methods/C.C6 - Mathematical Methods • Programming Models • Mathematical and Simulation Modeling/C.C6.C62 - Existence and Stability Conditions of Equilibrium C - Mathematical and Quantitative Methods/C.C7 - Game Theory and Bargaining Theory/C.C7.C73 - Stochastic and Dynamic Games • Evolutionary Games • Repeated Games E - Macroeconomics and Monetary Economics/E.E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit/E.E5.E52 - Monetary PolicySujets proches
Amusements Children--Recreation Games for children Pastimes Primitive games Recreations Games, Primitive Children's gamesCiter ce document
Jean-Bernard Chatelain et al., « How macroeconomists lost control of stabilization policy: towards dark ages », HAL-SHS : économie et finance, ID : 10.1080/09672567.2020.1817119
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Résumé
This paper is a study of the history of the transplant of mathematical tools using negative feedback for macroeconomic stabilisation policy from 1948 to 1975 and the subsequent break of the use of control for stabilisation policy which occurred from 1975 to 1993. New-classical macroeconomists selected a subset of the tools of control that favoured their support of rules against discretionary stabilisation policy. The Lucas critique and Kydland and Prescott’s time-inconsistency were over-statements that led to the “dark ages” of the prevalence of the stabilisation-policy-ineffectiveness idea. These over-statements were later revised following the success of the Taylor rule.