A Dynamic Generalization of Tinbergen's Theory of Policy

The static theory of economic policy associated with Tinbergen [26], [27] is now firmly entrenched in economic theory [8], [9], [17], [19]; and it is also true, beginning with Phillips [20], [21], that there is a growing literature concerned with the dynamic theory of economic policy [1], [2], [6], [8], [24], [25]. In a recent evaluation of the theory of policy, Culbertson [7, p. 394] concludes that the static Tinbergen framework