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Do Chemical Reactors Hold the Solution for Global Economic Crises?

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Author Info

  • Yochanan Shachmurove

    ()
    (The City College of the City University of New York)

  • Reuel Shinnar (Deceased)

    ()
    (Department of Chemical Engineering, The City College of the City University of New York)

Abstract

What can economists learn from dynamic partial control of chemical reactors? Both chemical reactors and the economy involve many variables that are difficult to fully predict or control. Thus, this paper suggests the use of partial control, which involves indentifying only the key variables that monitor the system. This idea of observing relatively few variables and enabling policy makers to better control the economy is in line with the contributions of Sargent and Sims, who use a limited number of variables to study monetary and fiscal policies. This approach enables a better distinction between cause and effect in the macroeconomy.

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Bibliographic Info

Paper provided by Penn Institute for Economic Research, Department of Economics, University of Pennsylvania in its series PIER Working Paper Archive with number 12-010.

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Length: 19 pages
Date of creation: 28 Mar 2012
Date of revision:
Handle: RePEc:pen:papers:12-010

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Related research

Keywords: partial control; perturbation; steady state; monetary policy; economic growth; manufacturing; sufficiency; chemical reactors; delayed information model; Monte Carlo simulation; Kalman filter estimation;

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References

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  1. Rita Pandey, 2005. "Estimating Sectoral and Geographical Industrial Pollution Inventories in India: Implications for Using Effluent Charge Versus Regulation," Journal of Development Studies, Taylor & Francis Journals, vol. 41(1), pages 33-61.
  2. Erwin OOGHE & Andreas PEICHL, 2010. "Fair and efficient taxation under partial control: theory and evidence," Center for Economic Studies - Discussion papers, Katholieke Universiteit Leuven, Centrum voor Economische Studiën ces10.32, Katholieke Universiteit Leuven, Centrum voor Economische Studiën.
  3. Sargent, Thomas J, 1978. "Rational Expectations, Econometric Exogeneity, and Consumption," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 86(4), pages 673-700, August.
  4. Friedman, Joseph & Shachmurove, Yochanan, 1997. "Co-movements of major European community stock markets: A vector autoregression analysis," Global Finance Journal, Elsevier, vol. 8(2), pages 257-277.
  5. Sang-Ho Lee & Iltae Kim, 2000. "Self-Selection and Optimal Nonlinear Effluent Charges," Environmental & Resource Economics, European Association of Environmental and Resource Economists, European Association of Environmental and Resource Economists, vol. 16(1), pages 1-14, May.
  6. Adelheid Holl & Rafael Pardo & Ruth Rama, 2010. "Just-in-Time Manufacturing Systems, Subcontracting and Geographic Proximity," Regional Studies, Taylor & Francis Journals, Taylor & Francis Journals, vol. 44(5), pages 519-533.
  7. Furkan Emirmahmutoglu & Nezir Kose & Yeliz Yalcin, 2007. "The Kalman filter method for break point estimation in unit root tests," Applied Economics Letters, Taylor & Francis Journals, vol. 15(3), pages 193-198.
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Blog mentions

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  1. Econochemistry?
    by Economic Logician in Economic Logic on 2012-04-26 15:04:00

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