Anticipations and Time-Varying Modeling in Adaptive Control System

Dipak Basu and Victoria Miroshnik
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Dipak Basu: Nagasaki University

Chapter 7 in Dynamic Systems Modeling and Optimal Control, 2015, pp 144-159 from Palgrave Macmillan

Abstract: Abstract There is a large volume of literatures on the effectiveness of monetary and fiscal policies and on lags in the effects of monetary policies (Friedman & Schwartz, 1963; Meyer, 1967; Tobin, 1970; Hamburger, 1971). Although lengths of lags are important in determining the role of monetary-fiscal policies, the relationship between money and income varies over time due to changes in the lag structure. Mountford and Uhlig (2008), Gali (2007), Perotti (2005), Poole (1975), Warburton (1971) and Meyer (1967) attempted to analyse the empirical variability of the lag structure by analysing the turning points in general business activity. Ljungqvist and Sargent (2004), Sargent and Wallace (1973) and Lucas (1972) have drawn attention to the role of time-dependant response coefficients to changes in stabilization policies and the role anticipation plays in the conduct of monetary-fiscal policy.

Keywords: Central Bank; Commercial Bank; National Income; Money Demand; Dynamic System Modeling (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-50895-9_7

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DOI: 10.1057/9781137508959_7

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