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- W324807932 abstract "This chapter discusses the application of sensitivity constrained optimal control to national economic policy formulation. Price stability, full employment, and a high rate of economic growth are the most widely held overall economic goals of a market economy. Recent advances in optimal control, computer technology, and econometrics have provided the tools for generating useful economic control policies. Descriptive and predictive econometric models have attained a relatively sophisticated level in terms of refinement and complexity. Using these tools the decision maker is able to test hypothetical policies by means of large scale, high fidelity computer simulations. By means of trial and error, economic control policies may be formulated that produce the desired economic results. The chapter presents a prescriptive model of the U. S. national economy using modern sensitivity constrained optimal control theory. In a prescriptive approach, optimal economic control policies are generated using a closed-form feedback solution as opposed to trial and error simulations." @default.
- W324807932 created "2016-06-24" @default.
- W324807932 creator A5039860272 @default.
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- W324807932 date "1973-01-01" @default.
- W324807932 modified "2023-09-27" @default.
- W324807932 title "Application of Sensitivity Constrained Optimal Control to National Economic Policy Formulation1 1The authors wish to acknowledge the programming and analysis assistance of N. H. Jacoby, Jr." @default.
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- W324807932 doi "https://doi.org/10.1016/b978-0-12-012709-2.50008-1" @default.
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