Unsicherheit, Friedmansche Regel und optimale Stabilisierungspolitik
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Unsicherheit, Friedmansche Regel und optimale Stabilisierungspolitik
Credit and Capital Markets – Kredit und Kapital, Vol. 11 (1978), Iss. 3 : pp. 379–398
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Läufer, Nikolaus K. A.
References
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Abstract
Uncertainty, Friedman’s Rule and Optimal Stabilization Policy
A broad version of Friedman’s rule is incorporated systematically in the Tinbergen-Theil-Brainard approach to optimal stabilization policy: Not long lags, but very high parameter uncertainty is needed in order than an optimal stabilization policy decision rule in accordance with control theory can agree with or come very close to the Friedman rule. Uncertainty in the theory and hitherto still largely neglected learning processes of economic entities force the already existing parameter uncertainty up to such extreme heighs that Friedman’s rule can be accepted as directly optimal under control theory or, on econometric grounds, as the best among the unavoidably suboptimal decision rules.