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Recent Models in Dynamic Economics: Problems of Estimating Terminal Conditions

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  • Sengupta, Jati K.
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    Abstract

    Recent policy applications of control theory methods in dynamic economic models raise the issue of imposing the transversality condition for determining a unique optimal control policy. In a stochastic framework this issue involves alternative methods of estimation, which are discussed here both theoretically and empirically. The economic implications of the alternative methods are analyzed here in some detail through several recent dynamic models in economic growth and exchange rate instability.

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    File URL: http://www.escholarship.org/uc/item/05g0d8gm.pdf;origin=repeccitec
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    Bibliographic Info

    Paper provided by Department of Economics, UC Santa Barbara in its series University of California at Santa Barbara, Economics Working Paper Series with number qt05g0d8gm.

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    Date of creation: 01 Jan 1997
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    Handle: RePEc:cdl:ucsbec:qt05g0d8gm

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    Keywords: Models; Dynamic; Economics; Estimating; Terminal; Conditions;

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Holly,Sean & Hughes Hallet,Andrew, 2010. "Optimal Control, Expectations and Uncertainty," Cambridge Books, Cambridge University Press, Cambridge University Press, number 9780521126335.
    2. Kennan, John, 1979. "The Estimation of Partial Adjustment Models with Rational Expectations," Econometrica, Econometric Society, Econometric Society, vol. 47(6), pages 1441-55, November.
    3. Minford, Patrick & Matthews, Kent & Marwaha, Satwant, 1979. "Terminal conditions as a means of ensuring unique solutions for rational expectations models with forward expectations," Economics Letters, Elsevier, Elsevier, vol. 4(2), pages 117-120.
    4. repec:fth:calaec:12-96 is not listed on IDEAS
    5. Gregogy, A.W. & Pagan, A.R. & Smith, G.W., 1990. "Estimating Linear Quadratic Models With Integrated Processes," RCER Working Papers, University of Rochester - Center for Economic Research (RCER) 247, University of Rochester - Center for Economic Research (RCER).
    6. Sengupta, Jati K. & Okamura, Kumiko, 1996. "Learning by doing and openness in Japanese growth: A new approach," Japan and the World Economy, Elsevier, Elsevier, vol. 8(1), pages 43-64, March.
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