Constrained macroeconomic policy development with a separate predictive model

Title: Constrained macroeconomic policy development with a separate predictive model
Creator: Herbert, Ric D.; Rod, D. Bell
Relation: Mathematics and Computers in Simulation Vol. 64, Issue 3, p. 467-476
Publisher Link: http://dx.doi.org/10.1016/S0378-4754(03)00112-5
Publisher: Elsevier Science
Resource Type: journal article
Date: 2004
Description: This paper examines the issue of the generation of optimal control policies where there are explicit constraints upon the control values and there is limited knowledge of the complex economic system. The paper develops a methodology where the constrained optimal control is based upon a separate model that predicts the policy targets for the economic system. The methodology as applied to a small calibrated macroeconomic model of Australia.
Subject: constrained optimal control; model based predictive control; quadratic programming
Identifier: uon:1917
Identifier: http://hdl.handle.net/1959.13/27692
Identifier: ISSN:0378-4754
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