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Nonlinear optimal control for a business cycles macroeconomic model of linked economies

Author

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  • G. Rigatos
  • P. Siano
  • V. Loia
  • T. Ghosh
  • A. Krawiec

Abstract

The article proposes nonlinear optimal control for a multi-agent Kaldor-Kalecki macroeconomic model of linked economies. The Kaldor-Kalecki model has been analysed mostly by considering closed economies in which interactions with other economies or financial institutions are overlooked. In the present article, a system of linked economies is considered in which the Kaldor-Kalecki model of each individual economy is retrofitted with a fraction of the GDP produced by the other economies. In this context a nonlinear optimal control scheme is developed for the entire financial system consisting of the interacting economies. The global stability properties of the control method are proven through Lyapunov analysis.

Suggested Citation

  • G. Rigatos & P. Siano & V. Loia & T. Ghosh & A. Krawiec, 2018. "Nonlinear optimal control for a business cycles macroeconomic model of linked economies," Cyber-Physical Systems, Taylor & Francis Journals, vol. 4(2), pages 116-136, April.
    • Handle: RePEc:taf:tcybxx:v:4:y:2018:i:2:p:116-136
    DOI: 10.1080/23335777.2018.1501860
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    Cited by:

    1. G. Rigatos & P. Siano & M. Abbaszadeh & T. Ghosh, 2021. "Nonlinear optimal control of coupled time-delayed models of economic growth," Decisions in Economics and Finance, Springer;Associazione per la Matematica, vol. 44(1), pages 375-399, June.

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