UID:
almafu_9960119114102883
Umfang:
1 online resource (xii, 392 pages) :
,
digital, PDF file(s).
Ausgabe:
1st ed.
ISBN:
0-511-89575-5
Inhalt:
This book provides a unified analysis of the theory of economic policy, presenting static and dynamic aspects of both the fixed and flexible objective policy problems. The authors conceive of the abstract theory of economic policy as the interaction of policy possibilities with policy-making requirements. Policy possibilities are depicted by a known, linear model relating sets of targets, instruments and other variables. Policy-making requirements are imposed in two forms: directly by nominating a specific fixed target in the tradition of Tinbergen; and indirectly by specifying preferences about targets - the flexible target associated with Theil.
Anmerkung:
Title from publisher's bibliographic system (viewed on 05 Oct 2015).
,
Cover -- Frontmatter -- Contents -- Preface -- The static theory of policy -- A review of the static theory of policy -- 1.1 The static policy model -- 1.2 Fixed policy objectives -- 1.3 Existence of fixed objective policies -- 1.4 Policy uniqueness and design under fixed objectives -- 1.5 The geometry of fixed objectives -- 1.6 Flexible target objectives -- 1.7 Flexible target/flexible instrument objectives -- 1.8 Flexible policy objectives -- 1.9 Uniqueness of flexible objective policies -- 1.10 Summary -- 1.11 Overview of book -- The algebraic structure of fixed objective problems -- 2.1 Policy problems as linear mappings -- 2.2 Existence and the column space of Π -- 2.3 Uniqueness and the nullspace of Π -- 2.4 The row space and left nullspace of Π -- 2.5 Orthogonal decompositions of domain and codomain -- 2.6 Invertibility and duality concepts -- 2.7 Noninvertibility: genesis of the pseudoinverse mapping -- 2.8 Specification of the pseudoinverse mapping -- 2.9 Fundamental orthogonal projectors of a linear mapping -- 2.10 A unified fixed objective theory of policy -- The algebraic structure of flexible objective problems -- 3.1 Introduction -- 3.2 Preference space decomposition of the flexible target problem -- 3.3 Quadratic form minimisation: the flexible target problem with neutral preferences -- 3.4 Quadratic form minimisation: the flexible target problem with arbitrary preferences -- 3.5 The flexible objective problem -- 3.6 Policy design and the failure of uniqueness -- 3.7 Conclusions -- Dynamic fixed objectives: on hitting points and paths -- The dynamic policy problem: models and objectives -- 4.1 Introduction -- 4.2 The structural and reduced form representations -- 4.3 Dynamic policy objectives -- 4.4 The linear system representation -- 4.5 The instrument multiplier equivalence -- 4.6 Errors in policy-making.
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Controllability properties of dynamic policy models -- 5.1 Introduction -- 5.2 State controllability -- 5.3 The controllable canonical decomposition -- 5.4 The modal state solution -- 5.5 Modal controllability -- 5.6 Modal assignment by linear feedback -- 5.7 Null state controllability -- 5.8 Asymptotic state controllability -- 5.9 Conclusion -- Observability properties of dynamic policy models -- 6.1 Introduction -- 6.2 State observability -- 6.3 The observable canonical decomposition -- 6.4 Asymptotic observability -- 6.5 State minimality and the instrument multipliers -- 6.6 Conclusion -- The dynamic theory of stationarity objectives -- 7.1 Introduction -- 7.2 Static aspects of the stationarity objective -- 7.3 Policy mapping from instrument path to target path -- 7.4 Decomposition of the stationarity mapping -- 7.5 Stationarity with observability -- 7.6 Stationarity without observability -- 7.7 Asymptotic stationarity objectives -- 7.8 Policy stationarity in a simple monetary model -- 7.9 Implications for the theory of policy -- The dynamic theory of path objectives -- 8.1 Introduction -- 8.2 The target path existence problem -- 8.3 Target point controllability -- 8.4 Path existence: policy lead and target interval variations -- 8.5 Global path controllability: the nested multiplier criterion -- 8.6 Point controllability and policy coordination -- 8.7 Natural instrument separability -- 8.8 Contemporaneous and intertemporal instrument separability -- 8.9 Conclusion -- Policy design for path objectives -- 9.1 The basic design issues -- 9.2 Specification of the structure algorithm -- 9.3 The nested multipliers/structure algorithm nexus -- 9.4 Policy design for globally path controllable models -- 9.5 The three path design phases: an example -- 9.6 Determination of the minimal policy lead -- 9.7 Instrument instability in path policies.
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9.8 Conclusion -- Rational expectations and the theory of policy -- 10.1 Introduction -- 10.2 The static theory of policy with rational expectations -- 10.3 Dynamic systems -- 10.4 The analysis of models with 'forward' expectations -- 10.5 Some examples -- 10.6 Conclusion -- Dynamic flexible objectives: on tracking points and paths -- Dynamic finite horizon flexible objective problems -- 11.1 Rationales for the dynamic flexible objective problem -- 11.2 The interaction of policy preferences and system dynamics -- 11.3 Direct recursive solution using the orthogonal structure algorithm -- 11.4 Dynamic programming solution using the orthogonal structure algorithm -- 11.5 Policy existence and policy uniqueness -- 11.6 Conclusion -- Policy existence and uniqueness for infinite horizon flexible objective problems -- 12.1 The asymptotic linear/quadratic problem -- 12.2 Preliminary analysis of existence -- 12.3 The two existence options -- 12.4 Policy unobservability and perfect observability -- 12.5 Structural implications of policy unobservability -- 12.6 Policy existence: a consolidation -- 12.7 Preliminary analysis of uniqueness -- 12.8 Interaction of existence and uniqueness -- 12.9 Conclusion -- Some stability issues in dynamic policy problems -- 13.1 An extended taxonomy of variables -- 13.2 Instrument instability in fixed and flexible problems -- 13.3 Well-behaved optimisation problems -- 13.4 Closed-loop stability in nonsingular problems -- 13.5 Closed-loop stability in singular problems -- 13.6 Conclusion -- Aftersight -- References -- Index.
,
English
Weitere Ausg.:
ISBN 0-521-07022-8
Weitere Ausg.:
ISBN 0-521-23366-6
Sprache:
Englisch
URL:
Volltext
(lizenzpflichtig)
URL:
https://doi.org/10.1017/CBO9780511895753
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