Observers and Macroeconomic Systems is concerned with the
computational aspects of using a control-theoretic approach to the
analysis of dynamic macroeconomic systems. The focus is on using a
separate model for the development of the control policies. In
particular, it uses the observer-based approach whereby the
separate model learns to behave in a similar manner to the economic
system through output-injections. The book shows how this approach
can be used to learn the forward-looking behaviour of economic
actors which is a distinguishing feature of dynamic macroeconomic
models. It also shows how it can be used in conjunction with
low-order models to undertake policy analysis with a large
practical econometric model. This overcomes some of the
computational problems arising from using just the large
econometric models to compute optimal policy trajectories. The work
also develops visual simulation software tools that can be used for
policy analysis with dynamic macroeconomic systems.
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