Optimal and Time-Consistent Polices in Continuous Time Rational Expectations Models
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https://www.nber.org/papers/t0029
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In this note the method of Hamiltonian dynamics is used to characterize the time-consistent solution to the optimal control problem in a deterministic continuous time rational expectations model. A linear quadratic example based on the work of Miller and Salmon is used for simplicity. To derive the
提供机构：
美国国家经济研究局
创建时间：
1983-08-01
