Talk:Edward C. Prescott
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Dr. Hughes Hallett's comment on this article
Dr. Hughes Hallett has reviewed this Wikipedia page, and provided us with the following comments to improve its quality:
Nobel prize, para 2: "....moral hazard.
This was a problem identified by Bellman (1961) and depends on the model of the economy having both forward looking expectations and backward looking dynamics so that the constrained objective function does not have the "Markov property" (be recursively additively separable, either forwards or backwards). No solution was given, which gave rise to a literature on commitment solutions as a way to solve such problems after the Prescott-Kydland paper was published. It is also avoided in longer policy periods where the economy has a minimum degree of dynamic controllability .
References cited: Bellman, Richard (1961) "Adaptive Control Processes: A Guided Tour", Princetoon University Press, Princeton, NJ  Hughes Hallett, Andrew, Giovanni di Bartolomeo and Nicola Acocella (2012), "Expectations Dynamics: policy, announcements and limits to dynamic inconsistency", Studies in Nonlinear Dynamics and Econometrics, 16 (doi:10.1515/1558-3708.1918
We hope Wikipedians on this talk page can take advantage of these comments and improve the quality of the article accordingly.
We believe Dr. Hughes Hallett has expertise on the topic of this article, since he has published relevant scholarly research:
- Reference : Bernoth, Kerstin & Hughes Hallett, Andrew & Lewis, John, 2008. "Did Fiscal Policy Makers Know What They Were Doing? Reassessing Fiscal Policy with Real Time Data," CEPR Discussion Papers 6758, C.E.P.R. Discussion Papers.
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