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Policy Design and Operation in a Macroeconomic Model with a Managed Exchange Rate under Different Expectational Regimes.

Abstract:

An investigation of the problems of policy formation has to take account of the way in which expectations may be formed. The assumption of rationality is often made on the grounds that there is no reason to assume that views of the future display any particular bias. Some authors take this further, arguing that it is unwise to adopt policies which would only work if they were misunderstood by the public. However it is equally important that policies should not rely on rationality to be succes...

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Publisher:
CEPR
Host title:
C.E.P.R. Discussion Papers
Series:
C.E.P.R. Discussion Papers
Volume:
122
Publication date:
1986-01-01
Paper number:
122
Language:
English
UUID:
uuid:fbbe6eaa-4467-4ce2-9d95-0024a01a2b40
Local pid:
oai:economics.ouls.ox.ac.uk:11593
Deposit date:
2011-08-16

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