Maurice Tutor

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Category > Management Posted 02 Feb 2018 My Price 9.00

Uncertainty and policy

Uncertainty and policy. (Brainerd, 1967.) Suppose output is given by y = x + (k + εk)z + u, where z is some policy instrument controlled by the government and k is the expected value of the multiplier for that instrument. εk and u are independent, mean-zero disturbances that are unknown when the policymaker chooses z, and that have variances σ2k and σ2u . Finally, x is a disturbance that is known when z is chosen. The policymaker wants to minimize E[(y − y∗) 2].

(a) Find E[(y − y∗) 2] as a function of  

(b) Find the first-order condition for z, and solve for z.

(c) How, if at all, does σ2u affect how policy should respond to shocks (that is, to the realized value of x )? Thus, how does uncertainty about the state of the economy affect the case for “fine-tuning”?

How, if at all, does σ 2 k affect how policy should respond to shocks (that is, to the realized value of x )? Thus, how does uncertainty about the effects of policy affect the case for “fine-tuning”?

(d) How, if at all, does σ2k affect how policy should respond to shocks (that is, to the realized value of x )? Thus, how does uncertainty about the effects of policy affect the case for “fine-tuning”?

Answers

Maurice Tutor
(5)
Status NEW Posted 02 Feb 2018 07:02 PM My Price 9.00

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