Observers and Macroeconomic Systems

Computation of Policy Trajectories with Separate Model Based Control
Softcover Nachdruck of the original 1. Auflage 1998
ISBN: 978-1-4613-7554-8
Verlag: Springer US

Buch, Englisch, Band 8, 309 Seiten, Paperback, Format (B × H): 160 mm x 240 mm, Gewicht: 538 g

Reihe: Advances in Computational Economics

is concerned with the computational aspects of using a control-theoretic approach to the analysis of dynamic macroeconomic systems. The focus is on using a separate model for the development of the control policies. In particular, it uses the observer-based approach whereby the separate model learns to behave in a similar manner to the economic system through output-injections.
The book shows how this approach can be used to learn the forward-looking behaviour of economic actors which is a distinguishing feature of dynamic macroeconomic models. It also shows how it can be used in conjunction with low-order models to undertake policy analysis with a large practical econometric model. This overcomes some of the computational problems arising from using just the large econometric models to compute optimal policy trajectories.
The work also develops visual simulation software tools that can be used for policy analysis with dynamic macroeconomic systems.

Zielgruppe

Research

Autoren/Hrsg.

Herbert, Ric D.

Fachgebiete

• Wirtschaftswissenschaften Volkswirtschaftslehre Volkswirtschaftslehre Allgemein Wirtschaftstheorie, Wirtschaftsphilosophie
• Wirtschaftswissenschaften Volkswirtschaftslehre Volkswirtschaftslehre Allgemein Ökonometrie

Inhaltsverzeichnis

I Linear Systems.- 1: Introduction.- 2: Observers For Linear Rational Expectations Models.- 3: Low Order Dynamic Macroeconometric Models.- 4: Control Strategies for Attaining Ramp Output.- 5: Visualisation Techniques.- II Nonlinear Systems.- 6: Optimal Control with Nonlinear Models: Recent Studies.- 7: A Practical Macroeconometric Model.- 8: Linear Observer Based Control with the Nonlinear Macro-econometric Model.- 9: Nonlinear Observers.- 10: Conclusion and Further Work.- Appendix A: Software Engineering.