Constrained macroeconomic policy development with a separate predictive model

Ric D Herbert and Rod D Bell

Mathematics and Computers in Simulation (MATCOM), 2004, vol. 64, issue 3, 467-476

Abstract: 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.

Keywords: Constrained optimal control; Model based predictive control; Quadratic programming (search for similar items in EconPapers)
Date: 2004
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:matcom:v:64:y:2004:i:3:p:467-476

DOI: 10.1016/S0378-4754(03)00112-5

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