Issues in Controllability and the Theory of Economic Policy / Willem H. Buiter, Mark Gersovitz.

By:

Buiter, Willem H

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Material type: Text

TextSeries: Technical Working Paper Series (National Bureau of Economic Research) ; no. t0002.Publication details: Cambridge, Mass. National Bureau of Economic Research 1981.Description: 1 online resource: illustrations (black and white)Subject(s):

C - Mathematical and Quantitative Methods

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Abstract: The paper demonstrates that the concepts of dynamic controllability are useful for the theory of economic policy by establishing four propositions. First dynamic controllability is a central concept in stabilization policy. Second, the ability to achieve a target state, even if it cannot be maintained. may be of economic interest. Third, dynamic controllability is of special interest for 'historical' models. Fourth, the conditions for any notion of dynamic controllability are distinct from and weaker than those for Tinbergen static controllability.

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Item type	Home library	Collection	Call number	Status	Date due	Barcode	Item holds
Working Paper	Biblioteca Digital	Colección NBER	nber t0002 (Browse shelf(Opens below))	Not For Loan

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July 1981.

The paper demonstrates that the concepts of dynamic controllability are useful for the theory of economic policy by establishing four propositions. First dynamic controllability is a central concept in stabilization policy. Second, the ability to achieve a target state, even if it cannot be maintained. may be of economic interest. Third, dynamic controllability is of special interest for 'historical' models. Fourth, the conditions for any notion of dynamic controllability are distinct from and weaker than those for Tinbergen static controllability.