7 citations · 12 across the 3 of their papers we have counts for
5 papers
How Macroeconomists Lost Control of Stabilization Policy: Towards Dark Ages
Jean Bernard Chatelain, Kirsten Ralf
This paper is a study of the history of the transplant of mathematical tools using negative feedback for macroeconomic stabilization policy from 1948 to 1975 and the subsequent bre…
The Welfare of Ramsey Optimal Policy Facing Auto-Regressive Shocks
Jean-Bernard Chatelain, Kirsten Ralf
With non-controllable auto-regressive shocks, the welfare of Ramsey optimal policy is the solution of a single Riccati equation of a linear quadratic regulator. The existing theory…
Hopf Bifurcation from new-Keynesian Taylor rule to Ramsey Optimal Policy
Jean-Bernard Chatelain, Kirsten Ralf
This paper compares different implementations of monetary policy in a new-Keynesian setting. We can show that a shift from Ramsey optimal policy under short-term commitment (based…
Ramsey Optimal Policy versus Multiple Equilibria with Fiscal and Monetary Interactions
Jean-Bernard Chatelain, Kirsten Ralf
We consider a frictionless constant endowment economy based on Leeper (1991). In this economy, it is shown that, under an ad-hoc monetary rule and an ad-hoc fiscal rule, there are…
Publish and Perish: Creative Destruction and Macroeconomic Theory
Jean-Bernard Chatelain, Kirsten Ralf
A number of macroeconomic theories, very popular in the 1980s, seem to have completely disappeared and been replaced by the dynamic stochastic general equilibrium (DSGE) approach.…