Nonlinear optimal control for a business cycles macroeconomic model of linked economies
Taniya Ghosh () and
Cyber-Physical Systems, 2018, vol. 4, issue 2, 116-136
The article proposes nonlinear optimal control for a multi-agent Kaldor-Kalecki macroeconomic model of linked economies. The Kaldor-Kalecki model has been analysed mostly by considering closed economies in which interactions with other economies or financial institutions are overlooked. In the present article, a system of linked economies is considered in which the Kaldor-Kalecki model of each individual economy is retrofitted with a fraction of the GDP produced by the other economies. In this context a nonlinear optimal control scheme is developed for the entire financial system consisting of the interacting economies. The global stability properties of the control method are proven through Lyapunov analysis.
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