Title :
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
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;
Conference_Titel :
Control Conference (ECC), 1997 European
Conference_Location :
Brussels
Print_ISBN :
978-3-9524269-0-6
