Observers and macroeconomic systems : computation of policy trajectories with separate model based control
Author(s)
Bibliographic Information
Observers and macroeconomic systems : computation of policy trajectories with separate model based control
（Advances in computational economics, v. 8）
Kluwer Academic Publishers, 1998
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Note
Includes bibliographical references (p. [280]-303) and index
Description and Table of Contents
Description
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.
Table of Contents
List of Figures. List of Tables. Glossary. 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 Macroeconometric Model. 9. Nonlinear Observers. 10. Conclusion and Further Work. Bibliography. Appendix A: Software Engineering. Index.
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