✦ LIBER ✦

A stabilization policy for an economy with some unknown characteristics

✍ Scribed by George Leitmann; Henry Y. Wan Jr.

Publisher: Elsevier Science
Year: 1978
Tongue: English
Weight: 687 KB
Volume: 306
Category: Article
ISSN: 0016-0032
DOI: 10.1016/0016-0032(78)90061-3

No coin nor oath required. For personal study only.

✦ Synopsis

A stabilization policy is developed for an economy with unknown and possibly unknowable characteristics. Uniform asymptotic stability is guaranteed for all initial states

and for all admissible uncertainties. Welfare loss over the infinite horizon is bounded by a level dependent on the initial state. 7'he policy is robust, with a simple structure. A simple example sheds some light on the fiscalist-monetarist debate.

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