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Do Chemical Reactors Hold the Solution for Global Economic Crises?

  • 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)

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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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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  1. 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.
  2. 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.
  3. 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.
  4. Adelheid Holl & Rafael Pardo & Ruth Rama, 2010. "Just-in-Time Manufacturing Systems, Subcontracting and Geographic Proximity," Regional Studies, Taylor & Francis Journals, vol. 44(5), pages 519-533.
  5. Sang-Ho Lee & Iltae Kim, 2000. "Self-Selection and Optimal Nonlinear Effluent Charges," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 16(1), pages 1-14, May.
  6. Christopher A. Sims, 1989. "Models and Their Uses," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 71(2), pages 489-494.
  7. Ooghe, Erwin & Peichl, Andreas, 2010. "Fair and Efficient Taxation under Partial Control: Theory and Evidence," IZA Discussion Papers 5388, Institute for the Study of Labor (IZA).
  8. Sargent, Thomas J, 1978. "Rational Expectations, Econometric Exogeneity, and Consumption," Journal of Political Economy, University of Chicago Press, vol. 86(4), pages 673-700, August.
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