论文标题
拉姆西的最佳政策福利面临自动回归冲击
The Welfare of Ramsey Optimal Policy Facing Auto-Regressive Shocks
论文作者
论文摘要
对于不可控制的自动回归冲击，拉姆西最佳策略的福利是解决线性二次调节器的单个riccati方程的解决方案。 Hansen和Sargent（2007）的现有理论是指额外的Sylvester方程，但错过了另一个方程来计算块矩阵加权福利函数中不可控制变量的平方。无需在很长一段时间内模拟脉冲响应功能，即可计算周期损失功能并在这一长期内总结其折扣价值，如今到目前为止所做的。福利是针对New-Keyneian Phillips曲线的情况，并具有自动回归成本量冲击。 JEL分类编号：C61，C62，C73，E47，E52，E61，E63。
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 by Hansen and Sargent (2007) refers to an additional Sylvester equation but miss another equation for computing the block matrix weighting the square of non-controllable variables in the welfare function. There is no need to simulate impulse response functions over a long period, to compute period loss functions and to sum their discounted value over this long period, as currently done so far. Welfare is computed for the case of the new-Keynesian Phillips curve with an auto-regressive cost-push shock. JEL classification numbers: C61, C62, C73, E47, E52, E61, E63.
