The Econometric SocietyEdited by: Guido W. Imbens • Print ISSN: 0012-9682 • Online ISSN: 1468-0262
Econometrica: Jan, 1975, Volume 43, Issue 1
https://doi.org/0012-9682(197501)43:1<147:AMFSCO>2.0.CO;2-M
p. 147-162
J. Phillip Cooper, Stanley Fishe
A method for optimization in nonlinear stochastic models is proposed in this paper, and applied to study monetary and fiscal policy in the St. Louis econometric model. Essentially, the method is to simulate the model in a number of stochastic simulations in which the co-efficients of the model are treated as random, to use the results of the stochastic simulations to find parsimonious representations of the time form of the policy multipliers by estimating autoregressive moving-average regressions for the effects of policy on the relevant endogenous variables, and then to use these equations in computing optimal policy. The method is applied to the study of monetary and fiscal policy for the St. Louis model over a 60-period horizon with encouraging and sensible results.
March 5, 2024
The terms of the Editors of the Econometric Society's three journals end June 30, 2025. We are pleased to announce the incoming Editors and to thank the outgoing Editors for their excellent and continuing service.
Econometrica: Since 2019, Guido Imbens has served as the 14th Editor of Econometrica. On July 1, 2025, Marina Halac will become the Editor.
Quantitative Economics: Stéphane Bonhomme has been the Editor of Quantitative Economics since 2021. His successor will be Bernard Salanié.
Theoretical Economics: The Editor of Theoretical Economics since 2021 has been Simon Board. Taking over for him in July 2025 will be Federico Echenique.
Guido, Stéphane, and Simon have been outstanding Editors. We are grateful to them for the work they have done and will continue to do, and we look forward to further congratulating them next year. We believe Marina, Bernard, and Federico will be outstanding successors and we thank them in advance for their service.
Finally, we are grateful to Larry Samuelson for chairing all three search committees, and we thank the search committee members for their hard and fruitful work:
Econometrica: Christian Dustmann, Lars Hansen, Alessandro Lizzeri, George Mailath, Ariel Pakes, Helene Rey, and Elie Tamer.
QE: Kate Ho, Michael Keane, Felix Kubler, Whitney Newey, and Frank Schorfheide.
TE: Jeff Ely, Johannes Horner, Gilat Levy, Meg Meyer, and Ran Spiegler.
