National Economic Management with Stochastic Optimal Control: Simulations over History

Dipak Basu and Victoria Miroshnik
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Dipak Basu: Nagasaki University

Chapter 6 in Dynamic Systems Modeling and Optimal Control, 2015, pp 128-143 from Palgrave Macmillan

Abstract: Abstract Optimal control techniques are popular tools for shaping quantitative economic policies. The works of Kendrick and Taylor (1970), Pindyck (1973), Buchanan (1968), Erickson (1973) and Norton (1969), among others, give the demonstration of a deterministic control solution for an econometric model. The example of a stochastic control solution is not so widespread, which is mainly due to serious computational problems even for a moderate-size model. The works of Holbrook (1974) and Fisher (1975) are excellent examples of a stochastic control solution.

Keywords: Interest Rate; Optimal Control Problem; Central Bank; Optimal Path; Money Supply (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-50895-9_6

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DOI: 10.1057/9781137508959_6

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