Rules Rather than Discretion: The Inconsistency of Optimal Plans

Even if there is an agreed-upon, fixed social objective function and policymakers know the timing and magnitude of the effects of their actions, discretionary policy, namely, the selection of that decision which is best, given the current situation and a correct evaluation of the end-of-period posit...

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Veröffentlicht in:	The Journal of political economy 1977-06, Vol.85 (3), p.473-491
Hauptverfasser:	Kydland, Finn E., Prescott, Edward C.
Format:	Artikel
Sprache:	eng
Schlagworte:	Capital investments Control theory Economic agents Economic expectations Economic fluctuations Economic planning Economic policy Functions Investment policy Investment tax credits Objective functions Objectives Political economy Social
Online-Zugang:	Volltext
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