Idioma:

Multiple Relative Maxima in Optimal Macroeconomic Policy: An Illustration

Norman, A. L. ; Norman, M. R. ; Palash, C. J.

Southern economic journal, 1979-07, Vol.46 (1), p.274-279 [Periódico revisado por pares]

Texto completo disponível

Citações Citado por

Título:
Multiple Relative Maxima in Optimal Macroeconomic Policy: An Illustration
Autor: Norman, A. L. ; Norman, M. R. ; Palash, C. J.
Assuntos: Analysis ; Communications ; Economic models ; Economic policy ; Economic systems ; Economic value ; Economics ; International economics ; Local maximum ; Macroeconomic modeling ; Macroeconomic policy ; Macroeconomics ; Necessary conditions ; Objective functions ; Optimization
É parte de: Southern economic journal, 1979-07, Vol.46 (1), p.274-279
Descrição: A considerable research effort is now being devoted to the development of alternative codes to solve optimal macroeconomic policy problems, i.e., maximizing an objective function constrained by a nonlinear implicitly defined model. A problem which will be encountered by all codes is the existence of multiple relative maxima. It is shown that most current nonlinear econometric models are not concave; consequently, a solution is not necessarily a global optimum. One procedure the analyst can use to test for multiple relative maxima is to start the computational algorithm with alternative sequences of the controls.
Editor: Chapel Hill, N.C., etc: Southern Economic Association and the University of North Carolina at Chapel Hill
Idioma: Inglês

Voltar para lista de resultados