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of stock returns in the U.S., Japan, England, Germany, and Canada. The data consist of quarterly returns (in dollars) on …
Persistent link: https://www.econbiz.de/10005078342
Persistent link: https://www.econbiz.de/10000907530
This paper uses Whiteman's(1986) frequency-domain optimization methodology to parameterize the precommitment period in a standard rational expectations policy design model. This allows researchers to adopt an empirical approach to the time consistency issue. That is, the operative commitment...
Persistent link: https://www.econbiz.de/10005078309