The Role of Economic Policy After the New Classical Macroeconomics

摘要: The paper considers the implications of rational expectations - New Classical Macroeconomics revolution for "rules versus discretion" debate. following issues are covered 1) ineffectiveness anticipated stabilization policy, 2) Non-causal models and expectations, 3) optimal control in non-causal -the inconsistency plans. I established robustness proposition that contingent (closed-loop or feedback) rules dominate fixed (open-loop) rules. rule innovation disturbance-contingent feedback is quite different from state-contingent derived by dynamic stochastic programming