The purpose of the paper is to show the construction of a simple dynamic-control macro model, using an economy-wide preference (utility) function as the objective function with two variables, national income and international reserves. National income is the control variable and reserves is the...

The purpose of the paper is to show the construction of a simple dynamic-control macromodel, using an economy-wide preference (utility) function as the objective function with two variables, national income and international reserves. National income is the control variable and reserves is the...

The purpose of the paper is to show the construction of a simple dynamic-control macro model, using an economy-wide preference (utility) function as the objective function with two variables, national income and international reserves. National income is the control variable and reserves is the...