Robust Policy in Times of Pandemic
Abstract The pandemic exposes policymakers to fundamental uncertainties about future economic scenarios. While policymakers have to act forcefully to mitigate the impact on the economy, these conditions call for policy strategies that are also robust to uncertainty. This article compares two concept...
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| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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Springer
2021-04-01
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| Series: | Intereconomics |
| Online Access: | https://doi.org/10.1007/s10272-021-0961-1 |
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| _version_ | 1841525623121510400 |
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| author | Jan Willem Van den End Yakov Ben-Haim |
| author_facet | Jan Willem Van den End Yakov Ben-Haim |
| author_sort | Jan Willem Van den End |
| collection | DOAJ |
| description | Abstract The pandemic exposes policymakers to fundamental uncertainties about future economic scenarios. While policymakers have to act forcefully to mitigate the impact on the economy, these conditions call for policy strategies that are also robust to uncertainty. This article compares two concepts of robust strategies: robust control and robust satisficing. It argues that a robust satisficing strategy is preferred and shows that the crisis responses of governments and central banks in Europe share features of robust satisficing in several dimensions. |
| format | Article |
| id | doaj-art-666cf15ffe3a4fe585bfede1c6e056fd |
| institution | Kabale University |
| issn | 0020-5346 1613-964X |
| language | English |
| publishDate | 2021-04-01 |
| publisher | Springer |
| record_format | Article |
| series | Intereconomics |
| spelling | doaj-art-666cf15ffe3a4fe585bfede1c6e056fd2025-01-17T08:34:12ZengSpringerIntereconomics0020-53461613-964X2021-04-0156210811210.1007/s10272-021-0961-1Robust Policy in Times of PandemicJan Willem Van den End0Yakov Ben-Haim1Department of Finance, ECO/FIN, Vrije Universiteit AmsterdamFaculty of Mechanical Engineering, Technion - Israel Institute of TechnologyAbstract The pandemic exposes policymakers to fundamental uncertainties about future economic scenarios. While policymakers have to act forcefully to mitigate the impact on the economy, these conditions call for policy strategies that are also robust to uncertainty. This article compares two concepts of robust strategies: robust control and robust satisficing. It argues that a robust satisficing strategy is preferred and shows that the crisis responses of governments and central banks in Europe share features of robust satisficing in several dimensions.https://doi.org/10.1007/s10272-021-0961-1 |
| spellingShingle | Jan Willem Van den End Yakov Ben-Haim Robust Policy in Times of Pandemic Intereconomics |
| title | Robust Policy in Times of Pandemic |
| title_full | Robust Policy in Times of Pandemic |
| title_fullStr | Robust Policy in Times of Pandemic |
| title_full_unstemmed | Robust Policy in Times of Pandemic |
| title_short | Robust Policy in Times of Pandemic |
| title_sort | robust policy in times of pandemic |
| url | https://doi.org/10.1007/s10272-021-0961-1 |
| work_keys_str_mv | AT janwillemvandenend robustpolicyintimesofpandemic AT yakovbenhaim robustpolicyintimesofpandemic |