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Policy Analysis with Econometric Models
Christopher A. Sims
eBook Edition: 2002

In this paper I argue that is a mistake to think that decisions about policy can only be describes, or even often be describes, as choice among permanent rule of behavior for the policy authorities. A policy action is better portrayed as implementation of fixed or slowly changing rule. I also argue that the explicit identification of expectation-formation mechanisms is not necessary for policy analysis, concluding that the rational expectations critique of econometric policy analysis is a cautionary footnote to such analysis rather than a deep objection to tis foundations. From this perspective, the conventional use of econometric models to aid in policy choice is neither self-contradictory nor meaningless. (From author)

eBook Contents

Introduction – Applying decision theory economic policymaking - Valid reduced forms for policy analysis – Regime shifts versus normal policymaking – Are existing large scale models useful? – Policy evaluation when the structure is unknown - Conclusion – Appendix

eBook License: Copyrighted (Personal Use Only)

Free PDF eBook - 2.83 Mb - 58 pages