MONETARY AND FISCAL-POLICY IN A 2ND-ORDER CONTINUOUS-TIME MACROECONOMETRIC MODEL OF THE UNITED-KINGDOM

被引：12
|
作者：
BERGSTROM, AR
NOWMAN, KB
WANDASIEWICZ, S
机构：
[1] University of Essex, Colchester
来源：
JOURNAL OF ECONOMIC DYNAMICS & CONTROL | 1994年 / 18卷 / 3-4期
关键词：
CONTINUOUS TIME; STABILIZATION POLICY; OPTIMAL CONTROL;
D O I：
10.1016/0165-1889(94)90029-9
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper is concerned with the application to monetary and fiscal policy analysis of a recently developed second-order continuous time macroeconometric model of the United Kingdom. It deals with the effect on stability of both simple ad hoc policy feedbacks and more sophisticated feedbacks derived by using optimal control theory. The latter are designed to minimize an infinite horizon quadratic cost function involving deviations of output, the exchange rate, and the monetary and fiscal policy instruments from their steady state paths and, also, the rates of change of the policy instruments.
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页码：731 / 764
页数：34
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