Fundamental Limits in the Design of Optimal Policies
2004/08/10
研討會日期 : 2004-08-10
時間 : 15:00
主講人 : Prof. Steven N. Durlauf
地點 : B棟110室
演講者簡介 : Prof. Steven N. Durlauf為Ph.D. in Economics，Yale University (1986)。
現為Kenneth J. Arrow Professor of Economics，University of Wisconsin-Madison。
其主要研究領域為Macroeconomics及Applied Econometrics。
演講摘要 : This paper presents a framework for understanding the limits that exist in optimal policy design in dynamic contexts. We consider the design of policies in the context of dynamic linear models. Fundamental design limits exist for policy rules in such environments in the sense that any policy rule embodies tradeoffs between the magnitudes of different frequency-specific components of the variance. Hence policies that are effective in eliminating low frequency variance components of a state variable can only do so at the cost of exacerbating high frequency variance components, and vice versa. Examples of the implications of such tradeoffs are considered.
