| 单词 | robustness of policies |
| 释义 | robustness of policies The property of economic policies that their merits are relatively insensitive to the exact specification of the underlying model of the economy. The effects of any policy measure can be predicted only by using some model of the economy, based on econometrics, theory, or more ususally some mixture of the two. If we are not sure that this model of the economy is correct, we cannot be sure of the effects any policy measure will produce. A policy whose predicted effects change markedly in response to small changes in the details of the model is not robust. A robust policy is one which will produce desirable effects for as wide as possible a range of specifications of the underlying model. |
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