Optimal control of the Austrian economy under alternative target values

Author

Neck, R. ; Karbuz, S.

Author_Institution

Dept. of Econ., Univ. of Klagenfurt, Klagenfurt, Austria

fYear

1997

fDate

1-7 July 1997

Firstpage

61

Lastpage

65

Abstract

Optimal budgetary policies for the period 1995 to 2000 are calculated for Austria within the framework of a problem of quantitative economic policy. An intertemporal objective function is minimized subject to the constraints of a macroeconometric model. Exogenous variables of the model are forecast by time series methods. Using the optimum control algorithm OPTCON, approximately optimal policies are determined. The sensitivity of optimal policies with respect to the target values of the objective variables is investigated.

Keywords

budgeting; economic forecasting; macroeconomics; minimisation; optimal control; time series; Austria; Austrian economy; OPTCON; alternative target values; intertemporal objective function; macroeconometric model; optimal budgetary policies; optimal control; optimum control algorithm; quantitative economic policy; time series methods; Economic indicators; Instruments; Linear programming; Mathematical model; Planning; Stochastic processes; economics; nonlinear control; optimal control;

fLanguage

English

Publisher

ieee

Conference_Titel

Control Conference (ECC), 1997 European

Conference_Location

Brussels

Print_ISBN

978-3-9524269-0-6

Type

conf

Filename

7081908