Expected optimal feedback with Time-Varying Parameters

In this paper we derive, by using dynamic programming, the closed loop form of the Expected Optimal Feedback rule with time varying parameter. As such this paper extends the work of Kendrick (1981, 2002, Chapter 6) for the time varying parameter case. Furthermore, we show that the Beck and Wieland (2002) model can be cast into this framework and can be treated as a special case of this solution.

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Year of publication:	2007-02
Authors:	Tucci, Marco P. ; Kendrick, David A. ; Amman, Hans M.
Institutions:	Dipartimento di Economia Politica e Statistics, Facoltà di Economia "Richard M. Goodwin"

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Extent:	application/pdf
Series:	Department of Economics University of Siena.
Type of publication:	Book / Working Paper
Language:	English
Classification:	C63 - Computational Techniques ; E61 - Policy Objectives; Policy Designs and Consistency; Policy Coordination
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005766527