DIFFERENTIAL INFORMATION AND OPTIMAL FEEDBACK POLICY IN NEW CLASSICAL MACROECONOMIC MODELS Academic Article

abstract

• We demonstrate the optimality of feedback policy in a new classical model without impediments to market clearing. This result is robust. The monetary authority does not have superior information: All agents are aware of the policy maker's actions and know the policy rules. The model is Lucas structural in the sense that the reduced form parameters for price and output do not depend on the policy parameters. Finally, the results do not require the persistence of the effects of the shocks either through the stochastic structure or other propagation mechanisms. 1993.

authors

• Jansen, Dennis

published proceedings

• JOURNAL OF MACROECONOMICS

author list (cited authors)

• BRADLEY, M. D., & JANSEN, D. W.

citation count

• 0

complete list of authors

• BRADLEY, MD||JANSEN, DW

publication date

• March 1993

publisher

• Elsevier  Publisher

published in

• Journal of Macroeconomics  Journal

keywords

• 38 Economics
• 3802 Econometrics
• 3803 Economic Theory

Digital Object Identifier (DOI)

• 10.1016/0164-0704(93)90030-P

start page

• 329

end page

• 347

volume

• 15

issue

• 2

URL

• http://dx.doi.org/10.1016/0164-0704(93)90030-p