English, Article edition: CONTEMPORARY MACROECONOMICS AND OPTIMAL CONTROL THEORY 115 03 Prague 1 (e-mail: michal.slavik@cnb.cz).; Michal SLAVÍK

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Bookmark: http://trove.nla.gov.au/version/198128
Physical Description
  • article
Language
  • English

Edition details

Title
  • CONTEMPORARY MACROECONOMICS AND OPTIMAL CONTROL THEORY
Author
  • 115 03 Prague 1 (e-mail: michal.slavik@cnb.cz).
  • Michal SLAVÍK
Physical Description
  • article
Notes
  • optimal control theory, maximum principle, dynamic macroeconomics, optimization techniques
  • The paper presents the optimal control theory and the maximum principle technique that is suitable for solving dynamic optimalization problems in continuous time. Modern mainstream macroeconomics stresses microeconomics principles of solved problems. However, the application of the standard microeconomic approach - the static optimalization - needs to be replaced in macroeconomics by more sophisticated methods. The maximum principle is one of the possible tools. This text briefly introduces the basics of this method to Czech readers. More detailed treatment can be found in the original literature. The maximum principle method can be applied not only in solving macroeconomic problems, but also in many different areas that deal with the optimalization in continuous time, e.g. finance or engineering.
  • optimization techniques, optimal control theory, maximum principle, dynamic macroeconomics
  • RePEc:prg:jnlpol:v:2004:y:2004:i:4:id:475:p:532-542
Language
  • English
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