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Observers and Macroeconomic Systems

Computation of Policy Trajectories with Separate Model Based Control

  • Book
  • © 1998

Overview

Authors:
  1. Ric D. Herbert

    1. University of Western Sydney — Hawkesbury, Sydney, Australia

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

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Table of contents (10 chapters)

  1. Front Matter

    Pages i-xxiv
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  2. Linear Systems

    1. Front Matter

      Pages 1-1
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    2. Introduction

      • Ric D. Herbert
      Pages 2-14

    3. Observers for Linear Rational Expectations Models

      • Ric D. Herbert
      Pages 15-63

    4. Low Order Dynamic Macroeconometric Models

      • Ric D. Herbert
      Pages 64-108

    5. Control Strategies for Attaining Ramp Output

      • Ric D. Herbert
      Pages 109-151

    6. Visualisation Techniques

      • Ric D. Herbert
      Pages 152-172

  3. Nonlinear Systems

    1. Front Matter

      Pages 173-173
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    2. Optimal Control with Nonlinear Models: Recent Studies

      • Ric D. Herbert
      Pages 174-192

    3. A Practical Macroeconometric Model

      • Ric D. Herbert
      Pages 193-210

    4. Linear Observer Based Control with the Nonlinear Macroeconometric Model

      • Ric D. Herbert
      Pages 211-238

    5. Nonlinear Observers

      • Ric D. Herbert
      Pages 239-273

    6. Conclusion and Further Work

      • Ric D. Herbert
      Pages 274-279

  4. Back Matter

    Pages 280-309
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Keywords

About this book

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.

Authors and Affiliations

  • University of Western Sydney — Hawkesbury, Sydney, Australia

    Ric D. Herbert

Bibliographic Information

  • Book Title: Observers and Macroeconomic Systems

  • Book Subtitle: Computation of Policy Trajectories with Separate Model Based Control

  • Authors: Ric D. Herbert

  • Series Title: Advances in Computational Economics

  • DOI: https://doi.org/10.1007/978-1-4615-5583-4

  • Publisher: Springer New York, NY

  • eBook Packages: Springer Book Archive

  • Copyright Information: Springer Science+Business Media New York 1998

  • Hardcover ISBN: 978-0-7923-8239-3Published: 31 October 1998

  • Softcover ISBN: 978-1-4613-7554-8Published: 23 December 2012

  • eBook ISBN: 978-1-4615-5583-4Published: 06 December 2012

  • Series ISSN: 0929-130X

  • Edition Number: 1

  • Number of Pages: XXIV, 309

  • Topics: Economic Theory/Quantitative Economics/Mathematical Methods, Econometrics

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