Approximations to viability kernels for sustainable macroeconomic policies
Maintaining an open economy within certain bounds on inflation, output gap and exchange rate can help sustainable economic development. Macroeconomics proposes monetary-policy models that describe evolution of the above quantities. We use one such model, constituted by a four-metastate one-control system, to compute viability kernel approximations that one can use to assist the central bank to establish "sustainable" policies. We propose a simple heuristic algorithm that leads to kernel approximations for this and similar models.
|Date of creation:||2011|
|Date of revision:|
|Contact details of provider:|| Postal: Alice Fong, Administrator, School of Economics and Finance, Victoria Business School, Victoria University of Wellington, PO Box 600 Wellington, New Zealand|
Phone: +64 (4) 463-5353
Fax: +64 (4) 463-5014
Web page: http://www.victoria.ac.nz/sef
More information through EDIRC
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.:
- repec:dau:papers:123456789/6869 is not listed on IDEAS
- Kaushik Mitra & Seppo Honkapohja, 2004.
"Learning Stability in Economies with Heterogenous Agents,"
Royal Holloway, University of London: Discussion Papers in Economics
04/17, Department of Economics, Royal Holloway University of London, revised Jul 2004.
- Seppo Honkapohja & Kaushik Mitra, 2006. "Learning Stability in Economies with Heterogeneous Agents," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 9(2), pages 284-309, April.
- Seppo Honkapohja & Kaushik Mitra, 2002. "Learning Stability in Economies with Heterogenous Agents," CESifo Working Paper Series 772, CESifo Group Munich.
- Honkapohja, Seppo & Mitra, Kaushik, 2002. "Learning stability in economics with heterogeneous agents," Working Paper Series 0120, European Central Bank.
- BONNEUIL, Noël & BOUCEKKINE, Raouf, 2009.
"Sustainability, optimality, and viability in the Ramsey model,"
CORE Discussion Papers
2009074, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Noël Bonneuil & Raouf Boucekkine, 2009. "Sustainability, optimality, and viability in the Ramsey model," Working Papers 2009_34, Business School - Economics, University of Glasgow.
- Vincent Martinet & Olivier Thébaud & Luc Doyen, 2007.
"Defining viable recovery path toward sustainable fisheries,"
- Martinet, Vincent & Thebaud, Olivier & Doyen, Luc, 2007. "Defining viable recovery paths toward sustainable fisheries," Ecological Economics, Elsevier, vol. 64(2), pages 411-422, December.
- McCallum, Bennett T., 1999.
"Issues in the design of monetary policy rules,"
Handbook of Macroeconomics,
in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 23, pages 1483-1530
- KRAWCZYK, Jacek B. & SEREA, Oana-Silvia, 2009. "A viability theory approach to a two-stage optimal control problem of technology adoption," CORE Discussion Papers 2009004, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Jeffrey C. Fuhrer, 1994. "Optimal monetary policy in a model of overlapping price contracts," Working Papers 94-2, Federal Reserve Bank of Boston.
- Bene, C. & Doyen, L. & Gabay, D., 2001. "A viability analysis for a bio-economic model," Ecological Economics, Elsevier, vol. 36(3), pages 385-396, March.
- Martinet, V. & Doyen, L., 2007.
"Sustainability of an economy with an exhaustible resource: A viable control approach,"
Resource and Energy Economics,
Elsevier, vol. 29(1), pages 17-39, January.
- Vincent Martinet & Luc Doyen, 2007. "Sustainability of an economy with an exhaustible resource: A viable control approach," Post-Print hal-01186925, HAL.
- Jacek Krawczyk & Rishab Sethi, 2007. "Satisficing Solutions for New Zealand Monetary Policy," Reserve Bank of New Zealand Discussion Paper Series DP2007/03, Reserve Bank of New Zealand.
- Nicoletta Batini & Andrew G Haldane, 1999.
"Forward-looking rules for monetary policy,"
Bank of England working papers
91, Bank of England.
- Krawczyk, Jacek & Kim, Kunhong, 2009. "Satisficing Solutions To A Monetary Policy Problem," Macroeconomic Dynamics, Cambridge University Press, vol. 13(01), pages 46-80, February.
- FILAR, Jerzy A. & KRAWCZYK, Jacek B. & AGRAWAL, Manju, 2009. "On production and abatement time scales in sustainable development. Can we loosen the sustainability screw ?," CORE Discussion Papers 2009028, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Carl E. Walsh, 2003. "Monetary Theory and Policy, 2nd Edition," MIT Press Books, The MIT Press, edition 2, volume 1, number 0262232316.
- Jacek B. Krawczyk & Kunhong Kim, 2006. "A Viable Solution to a Small Open-Economy Monetary Policy Problem," Computing in Economics and Finance 2006 188, Society for Computational Economics.
- Dominique Pujal & Patrick Saint-Pierre, 2006. "Capture Basin Algorithm for Evaluating and Managing Complex Financial Instruments," Computing in Economics and Finance 2006 186, Society for Computational Economics.
When requesting a correction, please mention this item's handle: RePEc:vuw:vuwecf:1531. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Library Technology Services)
If references are entirely missing, you can add them using this form.