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Título: | Optimal policy with general signal extraction |
Autor: | Hauk, Esther CSIC ORCID ; Lanteri, Andrea; Marcet, Albert CSIC ORCID | Palabras clave: | Optimal policy Partial information Calculus of variations Fiscal policy |
Fecha de publicación: | mar-2021 | Editor: | Elsevier BV | Citación: | Journal of Monetary Economics 118: 54-86 (2021) | Resumen: | Most available results on optimal decisions under partial information are derived under “separation”. But this principle does not always hold. We derive a non-standard first order condition of optimality from first principles when signal extraction and optimal policy must be jointly determined. This allows us to solve a model of optimal fiscal policy where separation does not apply. Tax smoothing prevails in normal times, but taxes respond strongly in recessions. This non-linearity arises because signal extraction interacts differently with optimal policy depending on the value of the observed signals. Existing results based on the “separation principle” follow as special cases. | Versión del editor: | https://doi.org/10.1016/j.jmoneco.2021.01.002 | URI: | http://hdl.handle.net/10261/254682 | DOI: | 10.1016/j.jmoneco.2021.01.002 | ISSN: | 0304-3932 |
Aparece en las colecciones: | (IAE) Artículos |
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E. Hauk-Lanteri-Marcet.pdf | 731,25 kB | Adobe PDF | Visualizar/Abrir |
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