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Incertitude et opinions différentes sur l'effet de la politique économique

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  • Daniel Laskar

Abstract

We consider a model where there exists an uncertainty on whether economic policy has an effect or not. There are two potential policymakers, one being more ?sceptical? about the existence of this effect. Among these two policymakers, which one does society prefer? The paper underlines that the answer depends on whether some ?ambiguity aversion? is introduced in the analysis. Under a bayesian approach, where ambiguity aversion is absent, the more activist policymaker is prefered. The opposite result is obtained when the ambiguity aversion of society is large enough. Classification JEL : E52, E58.

Suggested Citation

  • Daniel Laskar, 2007. "Incertitude et opinions différentes sur l'effet de la politique économique," Revue économique, Presses de Sciences-Po, vol. 58(2), pages 351-379.
    • Handle: RePEc:cai:recosp:reco_582_0351
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    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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