Models of policy under stochastic replanning

William Roberds

No 104, Staff Report from Federal Reserve Bank of Minneapolis

Abstract: This paper considers a policy environment in which policy is not set by a single policymaker, but by a sequence of policymaking administrations. Administration turnover is determined by a simple random process. The consequences of administration turnover are traced through for two versions of a linear rational expectations model, and numerical simulations of various policy environments are presented.

Keywords: Econometric models; Monetary policy (search for similar items in EconPapers)
Date: 1986
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Related works:
Journal Article: Models of Policy under Stochastic Replanning (1987)
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedmsr:104

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