Constrained macroeconomic policy development with a separate predictive model

This paper examines the issue of the generation of optimal control policies where there are explicit constraints upon the control values and there is limited knowledge of the complex economic system. The paper develops a methodology where the constrained optimal control is based upon a separate model that predicts the policy targets for the economic system. The methodology as applied to a small calibrated macroeconomic model of Australia.

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Year of publication:	2004
Authors:	Herbert, Ric D ; Bell, Rod D
Published in:	Mathematics and Computers in Simulation (MATCOM). - Elsevier, ISSN 0378-4754. - Vol. 64.2004, 3, p. 467-476
Publisher:	Elsevier
Subject:	Constrained optimal control \| Model based predictive control \| Quadratic programming

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Type of publication:	Article
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010748570