Rational Expectations, the Lucas Critique and the Optimal Control of Macroeconomic Models: A Historical Analysis of Basic Developments in the 20th Century
In this paper, we first consider the role of rational expectations, the Lucas critique and the policy ineffectiveness debate in economic applications of optimal control theory. The problem of time-inconsistency in optimal control of macro-economic models with rational expectations will then be analy...
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| Format: | Article |
| Language: | fas |
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Allameh Tabataba'i University Press
2011-03-01
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| Series: | فصلنامه پژوهشهای اقتصادی ایران |
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| Online Access: | https://ijer.atu.ac.ir/article_3308_63645b24dc9960f78f7689a1f8d6db7a.pdf |