Optimal Control, Expectations and Uncertainty
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Optimal Control, Expectations and Uncertainty by Sean Holly
Book DescriptionThe rational expectations revolution and other developments in economics (notably game theory) have fundamentally altered the application of optimal control theory to economic forecasting and planning. In particular, they have shown that economic systems cannot be modelled simplistically on physical systems. However, as the authors of this volume show, these developments have greatly enhanced our understanding of how an economy functions, and now make it possible for optimal control theory to be applied much more effectively to economic modelling and planning. This book is divided into two parts. The first presents the orthodox framework but extends it to allow for multiplicative uncertainty, risk and non-linearities in the econometric model. The second part looks explicitly at the question of expectations. It provides methods by which forward-looking expectations can be treated jointly with the determination of economic policy. It also examines game-theoretic considerations - where, for instance, policy makers may have incentive to renege on their commitments.
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Book DetailsISBN: 9780521264440
(204mm x 159mm x 19mm)
Imprint: Cambridge University Press
Publisher: Cambridge University Press
Publish Date: 20-Jul-1989
Country of Publication: United Kingdom
Books By Author Sean Holly
Interest Rates, Prices and Liquidity, Paperback (January 2015)
One of the first book-length examinations of monetary policy instruments used in response to the recent financial crisis.
Optimal Control, Expectations and Uncertainty, Paperback (January 2010)
An examination of how the rational expectations revolution and game theory have enhanced the understanding of how an economy functions.
Econometric Modelling, Hardback (September 2000)» View all books by Sean Holly
The latest techniques used in modelling the economy with policy analysis and applications.
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