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Observers and Macroeconomic Systems

Computation of Policy Trajectories with Separate Model Based Control

  • Ric D. Herbert

Part of the Advances in Computational Economics book series (AICE, volume 8)

Table of contents

  1. Front Matter
    Pages i-xxiv
  2. Linear Systems

    1. Front Matter
      Pages 1-1
    2. Ric D. Herbert
      Pages 2-14
    3. Ric D. Herbert
      Pages 64-108
    4. Ric D. Herbert
      Pages 109-151
    5. Ric D. Herbert
      Pages 152-172
  3. Nonlinear Systems

    1. Front Matter
      Pages 173-173
    2. Ric D. Herbert
      Pages 193-210
    3. Ric D. Herbert
      Pages 239-273
    4. Ric D. Herbert
      Pages 274-279
  4. Back Matter
    Pages 280-309

About this book

Introduction

Observers and Macroeconomic Systems 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.

Keywords

Simulation econometrics macroeconomics optimal control strategy

Authors and affiliations

  • Ric D. Herbert
    • 1
  1. 1.University of Western Sydney — HawkesburySydneyAustralia

Bibliographic information

  • DOI https://doi.org/10.1007/978-1-4615-5583-4
  • Copyright Information Kluwer Academic Publishers, Boston 1998
  • Publisher Name Springer, Boston, MA
  • eBook Packages Springer Book Archive
  • Print ISBN 978-1-4613-7554-8
  • Online ISBN 978-1-4615-5583-4
  • Series Print ISSN 0929-130X
  • Buy this book on publisher's site