The rational expectations school has mounted an attack on the conventional use of simultaneous equations models for Policy Analysis. This paper tries to assess where the revolution itself could use revision. A policy action is better portrayed as implementation of a fixed or slowly changing rule.
The rational expectations school has mounted an attack on the conventional use of simultaneous equations models for Policy Analysis. This paper tries to assess where the revolution itself could use revision. A policy action is better portrayed as implementation of a fixed or slowly changing rule.
The rational expectations school has mounted an attack on the conventional use of simultaneous equations models for Policy Analysis. This paper tries to assess where the revolution itself could use revision. A policy action is better portrayed as implementation of a fixed or slowly changing rule.