Dynamic modelling and control of national economies, 1989 : selected papers from the 6th IFAC symposium, Edinburgh, UK, 27-29 June 1989

The Symposium aimed at analysing and solving the various problems of representation and analysis of decision making in economic systems starting from the level of the individual firm and ending up with the complexities of international policy coordination. The papers are grouped into subject areas such as game theory, control methods, international policy coordination and the applications of artificial intelligence and experts systems as a framework in economic modelling and control. The Symposium therefore provides a wide range of important information for those involved or interested in the planning of company and national economics. Content: IFAC SYMPOSIA SERIES, Page ii Front Matter, Page iii Copyright, Page iv IFAC SYMPOSIUM ON DYNAMIC MODELLING AND CONTROL OF NATIONAL ECONOMIES, Page v INTRODUCTION, Pages vii-ix, Nicos M. Christodoulakis GAME THEORY IN MACROECONOMIC POLICY: A SURVEY, Pages 1-5, K. Blackburn IMPERFECT COMPETITION, INFORMATION ACQUISITION, AND PRICE ADJUSTMENT, Pages 7-11, T.M. Andersen, M. Hviid DISTRIBUTED RELAXATION-TYPE ALGORITHMS FOR NONCOOPERATIVE GAMES, Pages 13-18, T. Basar STRATEGIC SEQUENTIAL INTERACTION BETWEEN MONETARY AND FISCAL POLICY, Pages 19-26, C. Carraro IS POLICY COORDINATION NECESSARY TO ACHIEVE EFFICIENT STABILIZATION POLICIES?, Pages 27-32, E.J. Dockner, R. Neck ON A CLASS OF COOPERATIVE FEEDBACK SOLUTIONS FOR DIFFERENTIAL GAMES, Pages 33-35, H. Ehtamo, J. Ruusunen, R.P. Hämäläinen WEIGHTED REWARD CRITERIA IN COMPETITIVE MARKOV DECISION PROCESSES, Pages 37-42, J.A. Filar, O.J. Vrieze NON-COOPERATIVE EQUILIBRIA IN MACROECONOMIC MODELS WITH RATIONAL EXPECTATIONS, Pages 43-50, P. Levine, J. Pearlman, J. Gaines A GAME THEORETICAL APPROACH TO INCOME POLICIES, Pages 51-52, F.R. Shupp EQUILIBRIA IN A SEQUENTIAL DUOPOLY MODEL, Pages 53-60, B. Tolwinski MONETARY RULES AS OPTIMAL INCENTIVE STRATEGIES, Pages 61-67, D. Yeung ON THE JOINT VENTURE OF MACROECONOMIC POLICY MAKING AND CONTROL, Pages 69-74, A.S. Brandsma INFLATION AND THE EVOLUTION OF THE CREDIBILITY WITH DISPARATE BELIEFS*, Pages 75-81, T. Basar, M.H. Salmon SIMPLE ECONOMIC POLICIES ON A QUARTERLY AND ANNUAL BASIS, Pages 83-85, A. Blake, M. Weale POLICY OPTIMIZATION IN DEMOCRATIC POLITICAL PROCESSES, Pages 87-94, J. Bray, G. Nana STABILIZATION OF A CLOSED ECONOMY MODEL VIA ADAPTIVE CONTROL, Pages 95-100, E. Casares, G. Garza, R. Kelly ON THE USE OF OPTIMAL CONTROL IN MACROECONOMIC MODELLING, Pages 101-108, P.G. Fisher CORPORATE TAX RATE POLICY AND PUBLIC AND PRIVATE EMPLOYMENT, Pages 109-115, R. Gradus, A. de Zeeuw OPTIMAL DYNAMIC TAXATION WITH RESPECT TO FIRMS, Pages 117-122, R. Gradus OPTIMAL CONTROL OF STOCHASTIC NON-LINEAR MODELS, Pages 123-130, S.G. Hall, M.J. Stephenson THE SUSTAINABILITY OF OPTIMAL POLICIES: ANALYSIS AND EMPIRICAL ASSESSMENT USING THE LONDON BUSINESS SCHOOL MODEL, Pages 131-137, P. Levine DIRECT GRADIENT APPROACHES FOR OPTIMIZING SMOOTH, NONSMOOTH AND STOCHASTIC DYNAMIC ECONOMIC SYSTEMS, Pages 139-143, C.-L. Sandblom, S.P. Uryas'ev DOES TIME-INCONSISTENCY REALLY MATTER?, Pages 145-152, P. Westaway ROBUSTNESS OF DISCRETE TIME SYSTEMS: TUTORIAL1, Pages 153-160, Dj.B. Petkovski ROBUST LYAPUNOV GAMES AND POLICY CO-ORDINATION, Pages 161-168, C. Deissenberg THE ROBUSTNESS OF SIMPLE POLICY RULES COMPARED WITH OPTIMAL POLICY RULES: AN EXAMPLE, Pages 169-173, P. Gawthrop, D. Vines MODEL UNCERTAINTY, THE LUCAS CRITIQUE AND ROBUSTNESS IN A CORE INFLATION MODEL, Pages 175-181, D. Kemball-Cook, P.L. Levine VIABILITY OF LINEAR CONTROLLED SYSTEMS1, Pages 183-185, B. Martos A DESIGN OF ROBUST POLICY RULES FOR MACROECONOMIC MODELS, Pages 187-194, H. Myoken, S. Kamiyama OPTIMAL, TIME CONSISTENT ROBUST FEEDBACK RULES UNDER PARAMETER, FORECAST AND BEHAVIOURAL UNCERTAINTY, Pages 195-202, B. Rustem INTERNATIONAL ECONOMIC COORDINATION IN THE G7 AS A DYNAMIC NASH GAME1, Pages 203-210, J. Bray, G. Nana DEVELOPING COUNTRIES AND GLOBAL SCENARIO ANALYSIS, Pages 211-214, D. Currie, D. Vines THE MACROECONOMICS OF COMMODITIES, OIL AND DEBT, Pages 215-221, C.L. Gilbert, A.J. Hughes Hallett EXCHANGE RATE AGREEMENTS AS A POLICY REGIME: THEIR PERFORMANCE AND DESIGN CHARACTERISTICS1, Pages 223-230, A. Hughes Hallett, P. Minford ADAPTIVE DYNAMIC GAMES IN ECONOMETRIC MODELS WITH INTERNATIONAL INTERDEPENDENCE: AN APPLICATION TO THREE ECONOMIC REGIONS, THE UNITED STATES, MAJOR EUROPEAN COUNTRIES AND JAPAN, Pages 231-237, Y. Ito A STOCK FLOW CONSISTENT MODEL FOR FISCAL POLICY FOR REAL EXCHANGE RATE IN A KEYNESIAN FRAMEWORK, Pages 239-243, A.C. Madrid OPTIMAL CONTROL SECTORIAL MODEL OF THE POLISH ECONOMY WITH FLEXIBILITY IN CRITERIA AND CONSTRAINTS, Pages 245-249, K. Cichocki A STATE SPACE MODEL OF THE ECONOMIC FUNDAMENTALS, Pages 251-257, R. Craine, D. Bowman EFFECTIVE USE OF ECONOMIC POLICY INSTRUMENTS, Pages 259-264, M. Damiani, L. Panattoni THE LONG RUN OF MACROECONOMETRIC MODELS, Pages 265-269, M. Deleau, C. Le Van, P. Malgrange ON COMPOSITE CLASSICAL AND KEYNESIAN MICRO-DYNAMICAL PROCESSES, Pages 271-279, P. Flaschel, W. Semmler THE STRUCTURE OF MACROECONOMIC MODELS, Pages 281-286, M. Houtman, E. Sterken TECHNICAL CHANGE, INPUT SUBSTITUTION, AND THE SPECIFICATION OF DYNAMIC FACTOR DEMANDS, Pages 287-292, B.A. Larson NON-CONVERGENCE TO RATIONAL EXPECTATIONS AND OPTIMAL MONETARY POLICY IN MODELS WITH LEARNING, Pages 293-298, B. Mizrach ON THE DIAGONALIZABILITY OF QUADRATIC FORMS AND THE ARBITRARINESS OF SHADOW PRICES, Pages 299-306, B. Rustem PARTIAL CREDIBILITY: A SOLUTION TECHNIQUE FOR ECONOMETRIC MODELS, Pages 307-314, P. Westaway ESTIMATION BASED ON HOTELLING'S THEORY: TRANSITORY AND PERMANENT EFFECTS, Pages 315-322, P. Berck ADAPTIVE FORECASTING WITH HYPERFILTERS, Pages 323-327, A.H.Q.M. Merkies, I.J. Steyn DETERMINATION OF LINEAR FEEDBACK BETWEEN MULTIPLE TIME SERIES, Pages 329-334, S. Mittnik, P.W. Otter VALUING LEAD TIME OF FORECASTS IN DYNAMIC PRODUCTION SYSTEMS: IMPACT OF PRIOR BELIEFS, Pages 335-340, J.W. Mjelde, B.L. Dixon THE ROLE OF INTERNATIONAL FACTORS IN THE BUSINESS CYCLE: A MULTICOUNTRY STUDY, Pages 341-346, S.C. Norrbin, D.E. Schlagenhauf OPTIMAL TARIFF COALITIONS, AN ECONOMETRIC ANALYSIS, Pages 347-356, C.E. Petersen EFFICIENCY IN STOCHASTIC DYNAMIC ECONOMIC MODELS, Pages 357-361, I. Zilcha TESTING THE STABILITY AND RELIABILITY OF U.S. MONEY DEMAND FUNCTIONS, Pages 363-369, C.F. Baum NEO-KEYNESIAN AND APPLIED GENERAL EQUILIBRIUM MACROECONOMETRIC MODELS: NEW DEVELOPMENTS FOR GREECE, Pages 371-378, P. Capros, P. Karadeloglou, G. Mentzas SHORT AND LONG RUN PROPERTIES OF THE BANK OF ITALY QUARTERLY ECONOMETRIC MODEL, Pages 379-386, G. Galli, D. Terlizzese, I. Visco A PRESENTATION OF THE ITALIAN CONTINUOUS TIME MODEL1, Pages 387-396, G. Gandolfo, P.C. Padoan THE LIRA/ EXCHANGE RATE: THE OUT OF SAMPLE FORECASTING PERFORMANCE OF STRUCTURAL MODELS OR, HOW TO BEAT THE RANDOM WALK, Pages 397-402, G. Gandolfo, P.C. Padoan, G. Paladino PRODUCTION AND WELFARE EFFECTS OF INDIRECT TAX REFORM IN ITALY, Pages 403-409, C. Milana DEVALUATION, CURRENT ACCOUNT AND CAPITAL ACCUMULATION, Pages 411-416, S.B. Nielsen REAGAN FISCAL POLICY: A VIEW FROM THE FRBSF MACROECONOMETRIC MODEL, Pages 417-421, A.W. Throop PROSPECTS FOR THE UK BALANCE OF PAYMENTS OVER THE MEDIUM TERM, Pages 423-429, D. Turner A NOTE ON THE MONETARY SECTOR OF PROMETEIA'S MODEL: THE FLOW OF FUNDS AND THE REACTION FUNCTION, Pages 431-437, L. Vincenzi BUSINESS FLUCTUATIONS AND THE INCOMPLETENESS OF FINANCIAL MARKETS(**), Pages 439-440, Y. Balasko BIFURCATION AND CHAOS IN INVESTMENTS FIRM POLICY, Pages 441-444, A. Bassetti RATIONAL INVESTMENT CYCLES AND ADJUSTMENT COSTS, Pages 445-450, C. Hillinger, T. Weser THE IMPLICATIONS OF ASSUMING THAT THE WORLD IS FLAT, Pages 451-458, E. Karakitsos, B. Rustem INVESTMENTS CYCLES IN SOCIALIST ECONOMIES: A MODEL, Pages 459-464, A. Simonovits HYSTERESIS, MONETARY POLICY AND TARGET ZONES, Pages 465-471, A.J. Sutherland A BOUNDED RATIONALITY DECISION PROCESS MODEL, Pages 473-478, K.D. Wall A HEURISTIC DECISION RULE FOR BUFFERSTOCK MANAGEMENT, Pages 479-487, W.J.H. Van Groenendaal MAPPING BETWEEN ECONOMIC INFORMATION SYSTEMS AND ECONOMIC STRUCTURE, Pages 489-492, Wu Jong-Ming ASSESSMENT OF ENERGY SYSTEM PLANNING, Pages 493-497, Y. Kaya, Y. Fujii, T. Nishimura A DYNAMIC MULTISECTOR ECONOMYWIDE MODEL FOR KUWAIT “THE IMPACT ON GROWTH, WELFARE AND POPULATION BALANCE”, Pages 499-505, M. Khorshid A DYNAMIC MODEL OF THE DEMAND FOR OIL: SPECIFICATION AND ESTIMATION WITH THE PUTTY-SEMIPUTTY HYPOTHESIS, Pages 507-511, Tae-Dong Kim QUALITATIVE DYNAMICS AND CAUSALITY IN A KEYNESIAN MODEL, Pages 513-520, R. Berndsen, H. Daniels AN EXPERT SYSTEM APPROACH TO MODEL UNCERTAINTY, Pages 521-528, G.J. Karakoulas EXPERT SYSTEM FOR QUALITATIVE CAUSAL INFERENCE IN ECONOMICS, Pages 529-531, S. Mado, T. Sawa TECHNICAL ANALYSIS FOR PORTFOLIO TRADING BY SYNTACTIC PATTERN RECOGNITION, Pages 533-539, L.F. Pau MODEL REPRESENTATIONS, Pages 541-544, D.A. Kendrick IMPLEMENTING STOCHASTIC CONTROL SOFTWARE ON SUPERCOMPUTING MACHINES, Pages 545-549, H.M. Amman EEL: A SYSTEM FOR SPECIFYING AND EVALUATING ECONOMETRIC MODELS, Pages 551-556, R.G. Becker SOME ISSUES IN SOLVING LARGE SPARSE SYSTEMS OF EQUATIONS, Pages 557-561, F.J. Henk Don RELEVANT COEFFICIENTS FOR THE DYNAMIC PROPERTIES OF A MODEL: A QUALITATIVE METHOD, Pages 563-568, M. Garbely, M. Gilli VECTORIZATION AND ECONOMETRIC MODEL SIMULATION, Pages 569-575, C.E. Petersen, A. Cividini AUTHOR INDEX, Pages 577-578 KEYWORD INDEX, Pages 579-580 IFAC Publications, Published and Forthcoming Symposia/Workshop volumes, Pages ibc1-ibc2