2026-03-13T23:38:11Z https://chuo-u.repo.nii.ac.jp/oai

oai:chuo-u.repo.nii.ac.jp:02000416 2023-11-13T01:53:31Z 243:1699838784614

Analysis of Optimal Macroeconomic Policy Using Dynamic Optimization MATSUMOTO,Ken 松本,賢 マツモト,ケン この資料の著作権は、資料の著作者または学校法人中央大学に帰属します。著作権法が定める私的利用・引用を超える使用を希望される場合には、掲載誌発行部局へお問い合わせください。 Optimal macroeconomic policy Taylor Rule (in)stability dynamic optimization JEL classification : E5 E12 E52 application/pdf This paper analyzes policy maker’s optimal macroeconomic policy path that minimizes Taylor-rule like social loss function of inflation gap and output gap, using a dynamic optimization structure. Under the assumption that policy maker can dynamically control the real output, this paper solves dynamic optimization equations and draw optimal path of output and inflation expectation variables, with the analysis of its stability. Three different cases of optimization are tested (forward-looking, backward-looking, and mixed expectation formation scenario), and the phase diagrams show that each system obtains a converging path, namely a saddle path, which ultimately reaches a stable and unique equilibrium point. The policy implications may seem to be quite paradoxical, although it could still stand and avoid inflation / deflation divergence under certain assumptions. 経済研究所 2023-10-10 eng departmental bulletin paper VoR https://chuo-u.repo.nii.ac.jp/records/2000416 0285-9718 経済研究所年報 55 285 302 https://chuo-u.repo.nii.ac.jp/record/2000416/files/0285-9718_55_285_302.pdf