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Observers and Macroeconomic Systems

Name: Observers and Macroeconomic Systems
Brand: Springer-Verlag New York Inc.
SKU: 02259142
Price: 223.99 EUR
Availability: InStock
Author: Ric D. Herbert
ISBN: 9781461375548

Computation of Policy Trajectories with Separate Model Based Control

Ric D. Herbert

Lingua

Inglese

Libro In brossura

Codice Libristo: 02259142

Casa editrice Springer-Verlag New York Inc., dicembre 2012

Observers and Macroeconomic Systems is concerned with the computational aspects of using a control-t... Descrizione completa

Codice Libristo: 02259142

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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.