Journal Article
Machine Learning a Ramsey Plan
Yang, Ziyue; Sargent, Thomas J. (2025-05-12)
We use a Python program to calculate a pair of infinite sequences of money creation and price level inflation rates that maximize a benevolent time 0 government’s quadratic objective function for a linear-quadratic version of Calvo (1978). The program computes an open-loop representation of the optimal plan and an associated monotonically declining, bounded from below sequence of continuation values whose limit is a worst continuation value that is associated with a “timeless perspective”. We run some least squares regressions on fake data to try to learn about the structure of the ...
Quarterly Review , Volume 45 , Issue 1

Journal Article
Ramsey Plan for Calvo’s Model
Yang, Ziyue; Sargent, Thomas J. (2025-11-25)
Quarterly Review , Volume 45 , Issue 3