The Control of Large-Scale Nonlinear Econometric Systems

Gregory C. Chow, Sharon Bernstein Megdal

Research output: Contribution to journalArticle

5 Scopus citations

Abstract

Alter pointing out the special characteristics of existing econometric models which form the basis of the application of optimal control techniques for macroeconomic policy analysis and formulation, this paper surveys the use of econometric models for the projection of the economic consequences of alternative policies and the formulation of optimal policies. It presents both the theory and the computational aspects of a particular approach of applying feedback control to study policy options using large-scale nonlinear systems of simultaneous econometric equations. It then illustrates this approach by solving an optimal control problem using the Michigan Quarterly Econometric Model. Some topics of further research are suggested in the conclusion.

Original languageEnglish (US)
Pages (from-to)344-349
Number of pages6
JournalIEEE Transactions on Automatic Control
Volume23
Issue number2
DOIs
StatePublished - Apr 1978
Externally publishedYes

ASJC Scopus subject areas

  • Control and Systems Engineering
  • Computer Science Applications
  • Electrical and Electronic Engineering

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