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Economics, Control Theory, and the Phillips Machine

  • Brian Hayes
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    Can the same mathematical control laws that smooth out oscillations in the flight of an airplane also moderate economic cycles of boom and bust? Attempts to bring together the intellectual traditions of control engineering and economics go back at least as far as the hydraulic analog computer of A. W. H. Phillips, circa 1950. Today, economic policymakers remain committed to the ideal of controlling business cycles; it remains an open question whether tools from control theory might help to refine their strategies.

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    File URL: http://www.assru.economia.unitn.it/files/DP_01_2011.pdf
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    Paper provided by ASSRU - Algorithmic Social Science Research Unit in its series ASSRU Discussion Papers with number 1101.

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    Date of creation: 2011
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    Handle: RePEc:trn:utwpas:1101
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    1. Orphanides, Athanasios & Williams, John C, 2005. "The Decline of Activist Stabilization Policy: Natural Rate Misperceptions, Learning and Expectations," CEPR Discussion Papers 4865, C.E.P.R. Discussion Papers.
    2. Rudebusch, Glenn D, 2005. "Assessing the Lucas Critique in Monetary Policy Models," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 37(2), pages 245-72, April.
    3. Kendrick, David A., 2005. "Stochastic control for economic models: past, present and the paths ahead," Journal of Economic Dynamics and Control, Elsevier, vol. 29(1-2), pages 3-30, January.
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