.png){kind=icon}
.png){kind=icon}
Return
Practical policy evaluation
.png){kind=icon}
OA
AI
DOI：10.1016/j.jmoneco.2019.01.009.png)
.png){kind=icon}
.png){kind=icon}
Share.png){kind=icon}
Save
Abstract
En 中文
In the wake of the Lucas (1976), the study of appropriate macroeconomic policy has largely focused on the comparison of different regimes/rules. In practice, few policymakers are faced with making those kinds of choices. I examine the problem of a policymaker making but one in a sequence of similar decisions. My main result is that the policymaker's optimal response to the current state can be found by applying regression methods to past macroeconomic data. I argue that macroeconomic policy evaluation intended to be of practical value should rely less on putatively structural macroeconomic models and more on regression -based approaches. (C) 2019 Elsevier B.V. All rights reserved.
Keywords:
Lucas Critique
Macroeconomic policy
Dynamic games
Macroeconometrics
AI Summary
Key information extracted from the uploaded paper, including a brief overview, abstract, background, key highlights, visual analysis, and future outlook.
Journal
IF:
4.1
Papers:
3.2K
Citations:
1.1W