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Pré-Publication, Document De Travail Année : 2018

The Indeterminacy of Determinacy with Fiscal, Macro-prudential or Taylor Rules

Résumé

The determinacy of dynamic stochastic general equilibrium models including fiscal, macro-prudential or Taylor rules relies on the assumption that policy instruments are forward-looking when policy targets are also forward-looking. Blanchard and Kahn (1980) determinacy condition does not forbid to assume that policy instruments are backward-looking when policy targets are forward-looking, as it is the case for Ramsey optimal policy under quasi-commitment. There is indeterminacy of determinacy unless six criteria are considered which are in favor of assuming that policy instruments are backward-looking when policy targets are forward-looking.
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Dates et versions

halshs-01877766 , version 1 (20-09-2018)

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  • HAL Id : halshs-01877766 , version 1

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Jean-Bernard Chatelain, Kirsten Ralf. The Indeterminacy of Determinacy with Fiscal, Macro-prudential or Taylor Rules. 2018. ⟨halshs-01877766⟩
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