Optimal Fiscal Adjustment under Uncertainty /

The paper offers a non-probabilistic framework for representation of uncertainty in the context of a simple linear-quadratic model of fiscal adjustment. Instead of treating model disturbances as random variables with known probability distributions, it is only assumed that they belong to some pre-sp...

पूर्ण विवरण

ग्रंथसूची विवरण
मुख्य लेखक: Rozenov, Rossen
स्वरूप: पत्रिका
भाषा:English
प्रकाशित: Washington, D.C. : International Monetary Fund, 2016.
श्रृंखला:IMF Working Papers; Working Paper ; No. 2016/069
ऑनलाइन पहुंच:Full text available on IMF
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245 1 0 |a Optimal Fiscal Adjustment under Uncertainty /  |c Rossen Rozenov. 
264 1 |a Washington, D.C. :  |b International Monetary Fund,  |c 2016. 
300 |a 1 online resource (51 pages) 
490 1 |a IMF Working Papers 
500 |a <strong>Off-Campus Access:</strong> No User ID or Password Required 
500 |a <strong>On-Campus Access:</strong> No User ID or Password Required 
506 |a Electronic access restricted to authorized BRAC University faculty, staff and students 
520 3 |a The paper offers a non-probabilistic framework for representation of uncertainty in the context of a simple linear-quadratic model of fiscal adjustment. Instead of treating model disturbances as random variables with known probability distributions, it is only assumed that they belong to some pre-specified compact set. Such an approach is appropriate when the decision maker does not have enough information to form probabilistic beliefs or when considerations for robustness are important. Solution of the model in the minimax sense when disturbance sets are ellipsoids is obtained and the application of the method is illustrated using the example of Portugal. 
538 |a Mode of access: Internet 
830 0 |a IMF Working Papers; Working Paper ;  |v No. 2016/069 
856 4 0 |z Full text available on IMF  |u http://elibrary.imf.org/view/journals/001/2016/069/001.2016.issue-069-en.xml  |z IMF e-Library