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Peut-on identifier les politiques économiques stabilisant une économie instable ?

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  • Jean-Bernard Chatelain
  • Kirsten Ralf

Abstract

This paper shows that rules of optimal policy under commitment allow policymakers to lean against bubbles and to stabilize an unstable economy. In this framework, policymakers anchor the initial values of the expectations of the private sector. Then, this paper sets identification conditions for the parameters of optimal rules under commitment, of optimal and time consistent rules and of quasi-optimal rules. Finally, the paper concludes by presenting the pros and cons for each of these three types of policy rules for macroeconomic modelling, depending on a set of criteria.

Suggested Citation

  • Jean-Bernard Chatelain & Kirsten Ralf, 2014. "Peut-on identifier les politiques économiques stabilisant une économie instable ?," Revue française d'économie, Presses de Sciences-Po, vol. 0(3), pages 143-178.
    • Handle: RePEc:cai:rferfe:rfe_143_0143
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    Cited by:

    1. Chatelain, Jean-Bernard & Ralf, Kirsten, 2021. "Hopf Bifurcation From New-Keynesian Taylor Rule To Ramsey Optimal Policy," Macroeconomic Dynamics, Cambridge University Press, vol. 25(8), pages 2204-2236, December.
    2. Jean-Bernard Chatelain & Kirsten Ralf, 2018. "The Indeterminacy of Determinacy with Fiscal, Macro-prudential or Taylor Rules," Working Papers halshs-01877766, HAL.
    3. Jean-Bernard Chatelain & Kirsten Ralf, 2018. "Super-inertial interest rate rules are not solutions of Ramsey optimal monetary policy," PSE Working Papers halshs-01863367, HAL.

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