A Control Theory Framework for Policy Analysis

J. H. Westcott, M. B. Zarrop, Sean Holly, B. Rüstem and R. Becker

Chapter 1 in Optimal Control for Econometric Models, 1979, pp 3-28 from Palgrave Macmillan

Abstract: Abstract In the last decade there have been major changes in the manner in which governments have decided upon what kinds of economic policies to pursue. Large econometric models which provide forecasts and information about possible policy alternatives are now a common feature. The degree to which they are used is not uniform among countries and even where considerable reliance is placed upon them very often other considerations will predominate. More recently attention has shifted to developing ways in which these models could be used more effectively. One area that has attracted widespread attention is that of stochastic optimal control theory.

Keywords: Objective Function; Optimal Control Problem; Policy Instrument; Econometric Model; State Space Model (search for similar items in EconPapers)
Date: 1979
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DOI: 10.1007/978-1-349-16092-1_1

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