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- handle: 10670/1.wvdl7g
- halshs: halshs-02978527
info:eu-repo/semantics/OpenAccess
Mots-clés
Control Stabilization Policy Ineffectiveness Negative feedback Dynamic Games 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 E - Macroeconomics and Monetary Economics/E.E4 - Money and Interest Rates/E.E4.E43 - Interest Rates: Determination, Term Structure, and Effects E - Macroeconomics and Monetary Economics/E.E4 - Money and Interest Rates/E.E4.E44 - Financial Markets and the Macroeconomy E - Macroeconomics and Monetary Economics/E.E4 - Money and Interest Rates/E.E4.E47 - Forecasting and Simulation: Models and Applications E - Macroeconomics and Monetary Economics/E.E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit/E.E5.E52 - Monetary Policy E - Macroeconomics and Monetary Economics/E.E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit/E.E5.E58 - Central Banks and Their PoliciesSujets proches
Specie Monetary question Money, Primitive Currency Standard of value Monetary management Interest and usury Banks, Central Central banking Central banks Banker's banksCiter ce document
Jean-Bernard Chatelain et al., « How Macroeconomists Lost Control of Stabilization Policy: Towards Dark Ages », HAL-SHS : économie et finance, ID : 10670/1.wvdl7g
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Résumé
This paper is a study of the history of the transplant of mathematical tools using negative feedback for macroeconomic stabilization policy from 1948 to 1975 and the subsequent break of the use of control for stabilization policy which occurred from 1975 to 1993. New-classical macroeconomists selected a subset of the tools of control that favored their support of rules against discretionary stabilization policy. The Lucas critique and Kydland and Prescott's time-inconsistency were overstatements that led to the "dark ages" of the prevalence of the stabilization-policy-ineffectiveness idea. These overstatements were later revised following the success of the Taylor (1993) rule.