This paper outlines contents of the new theory of economic policy that has emerged recently with reference to situations of strategic interaction. The new theory of economic policy is rooted in the classical contributions of Ragnar Frisch, Jan Tinbergen, Bent Hansen and Henri Theil, while being consistent with rational expectations (RE). It is based on a game-theoretic approach, and is particularly important for model and institution-building, as it states general conditions for the effectiveness of economic policy and the existence of equilibrium.
The old and the new theory of economic policy / DI BARTOLOMEO, Giovanni; Acocella, Nicola; A., HUGHES HALLETT. - In: INTERNATIONAL JOURNAL OF PUBLIC POLICY. - ISSN 1740-0600. - STAMPA. - 6:(2010), pp. 154-165. [10.1504/IJPP.2010.031212]
The old and the new theory of economic policy
DI BARTOLOMEO, Giovanni;ACOCELLA, Nicola;
2010
Abstract
This paper outlines contents of the new theory of economic policy that has emerged recently with reference to situations of strategic interaction. The new theory of economic policy is rooted in the classical contributions of Ragnar Frisch, Jan Tinbergen, Bent Hansen and Henri Theil, while being consistent with rational expectations (RE). It is based on a game-theoretic approach, and is particularly important for model and institution-building, as it states general conditions for the effectiveness of economic policy and the existence of equilibrium.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
