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Author = Derakhshan, Masoud

Number of Articles: 1
Rational Expectations, the Lucas Critique and the Optimal Control of Macroeconomic Models: A Historical Analysis of Basic Developments in the 20th Century

Masoud Derakhshan

Volume 16, Issue 46 , April 2011, , Pages 19-46

Abstract
  In this paper, we first consider the role of rational expectations, the Lucas critique and the policy ineffectiveness debate in economic applications of optimal control theory. The problem of time-inconsistency in optimal control of macro-economic models with rational expectations will then be analyzed. ...  Read More