Observers and Macroeconomic Systems: Computation of Policy Trajectories with Separate Model Based Control
Author:   Ric D. Herbert
Publisher:   Springer-Verlag New York Inc.
Edition:   Softcover reprint of the original 1st ed. 1998
Volume:   8
ISBN:  

9781461375548


Pages:   309
Publication Date:   23 December 2012
Format:   Paperback
Availability:   Manufactured on demand   Availability explained
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Observers and Macroeconomic Systems: Computation of Policy Trajectories with Separate Model Based Control


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Overview

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.

Full Product Details

Author:   Ric D. Herbert
Publisher:   Springer-Verlag New York Inc.
Imprint:   Springer-Verlag New York Inc.
Edition:   Softcover reprint of the original 1st ed. 1998
Volume:   8
Dimensions:   Width: 16.00cm , Height: 1.80cm , Length: 24.00cm
Weight:   0.538kg
ISBN:  

9781461375548


ISBN 10:   1461375541
Pages:   309
Publication Date:   23 December 2012
Audience:   Professional and scholarly ,  Professional & Vocational
Format:   Paperback
Publisher's Status:   Active
Availability:   Manufactured on demand   Availability explained
We will order this item for you from a manufactured on demand supplier.

Table of Contents

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 Macro-econometric Model.- 9: Nonlinear Observers.- 10: Conclusion and Further Work.- Appendix A: Software Engineering.

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