Robust Control Design for an Uncertain Macroeconomic Dynamical System with Unknown Characteristics and Inequality Control Constraint

Xiaorui Xie, Ye-Hwa Chen and Lucia Valentina Gambuzza

Complexity, 2021, vol. 2021, 1-13

Abstract: The stabilization problem of a macroeconomic dynamical system is considered in this paper. The main features of this system are that the system uncertainties may be unknown functions of state and time but with known bounds. Furthermore, the control inputs are subject to constraints, which is a salient feature in an economic control problem. To ensure that the controls are within the specified boundaries, in our control design procedure, a creative diffeomorphism, which converts bounded controls into unbounded corresponding signals by choosing an appropriate transformation function, is proposed. For the uncertain system, a deterministic robust control is designed to render the practical stability: uniform boundedness and uniform ultimate boundedness. The range of the input bounds is related to the uncertainties and can be designed according to the actual situation. Numerical simulations are performed to verify the effectiveness of the stabilization policy.

Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:hin:complx:8826480

DOI: 10.1155/2021/8826480

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