OPTIMIZATION SENSITIVITY ANALYSIS OF PRODUCTION AND INFLATION IN THE ECONOMY BASED ON AN OPTIMAL CONTROL MODEL

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ABOLHASANI HASTIYANI ASGHAR; POUR KAZEMI MOHAMMAD HOSSEIN; ASNA ASHARI AMIRI ABOLGHASEME; EHSANFAR MOHAMMAD HOSSEIN

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Paper Information

Journal: JOURNAL OF ECONOMIC GROWTH AND DEVELOPMENT RESEARCH Year:2012 | Volume:2 | Issue:8 Page(s): 83-94

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Title

OPTIMIZATION SENSITIVITY ANALYSIS OF PRODUCTION AND INFLATION IN THE ECONOMY BASED ON AN OPTIMAL CONTROL MODEL

Author(s)

ABOLHASANI HASTIYANI ASGHAR | POUR KAZEMI MOHAMMAD HOSSEIN | ASNA ASHARI AMIRI ABOLGHASEME | EHSANFAR MOHAMMAD HOSSEIN | Issue Writer Certificate

Keywords

OPTIMAL CONTROLQ2

STANDARD MACRO MODELQ2

STATE AND CONTROL VARIABLESQ2

SENSITIVITY ANALYSISQ3

Abstract

The purpose of this paper is to determine the optimal time paths of economic variables such as production, inflation, money stock and government expenditures, and also SENSITIVITY ANALYSIS of these paths. For this aim, a deterministic OPTIMAL CONTROL model is used. In this model, a quadratic objective functional, due to the constraint of dynamic macroeconomic equations system, will be minimized. In this method, the squared deviations of variables from their steady state values are weighted. Then, optimal paths of control and state variables are calculated by using Mathematica software. Optimization results indicate that if optimal policies are chosen, mentioned variables will considerably have less fluctuations. According to results of survey, analyzing the sensitivity of the model to policy weight emphasizes on inverse relationship between weight imposed by economic policy makers on the target variable, and standard deviation of values of the optimal paths for that variable. Also, this paper shows that mathematical economic models and techniques can be used in order to solve the problems of growth, production and inflation.

Cites

ASYMMETRIC EFFECTS OF DIVISIA MONETARY AGGREGATES ON INFLATION IN IRAN: AN APPLICATION OF MARKOV SWITCHING METHOD

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APA: Copy

ABOLHASANI HASTIYANI, ASGHAR, POUR KAZEMI, MOHAMMAD HOSSEIN, ASNA ASHARI AMIRI, ABOLGHASEME, & EHSANFAR, MOHAMMAD HOSSEIN. (2012). OPTIMIZATION SENSITIVITY ANALYSIS OF PRODUCTION AND INFLATION IN THE ECONOMY BASED ON AN OPTIMAL CONTROL MODEL. JOURNAL OF ECONOMIC GROWTH AND DEVELOPMENT RESEARCH, 2(8), 83-94. SID. https://sid.ir/paper/192185/en

Vancouver: Copy

ABOLHASANI HASTIYANI ASGHAR, POUR KAZEMI MOHAMMAD HOSSEIN, ASNA ASHARI AMIRI ABOLGHASEME, EHSANFAR MOHAMMAD HOSSEIN. OPTIMIZATION SENSITIVITY ANALYSIS OF PRODUCTION AND INFLATION IN THE ECONOMY BASED ON AN OPTIMAL CONTROL MODEL. JOURNAL OF ECONOMIC GROWTH AND DEVELOPMENT RESEARCH[Internet]. 2012;2(8):83-94. Available from: https://sid.ir/paper/192185/en

IEEE: Copy

ASGHAR ABOLHASANI HASTIYANI, MOHAMMAD HOSSEIN POUR KAZEMI, ABOLGHASEME ASNA ASHARI AMIRI, and MOHAMMAD HOSSEIN EHSANFAR, “OPTIMIZATION SENSITIVITY ANALYSIS OF PRODUCTION AND INFLATION IN THE ECONOMY BASED ON AN OPTIMAL CONTROL MODEL,” JOURNAL OF ECONOMIC GROWTH AND DEVELOPMENT RESEARCH, vol. 2, no. 8, pp. 83–94, 2012, [Online]. Available: https://sid.ir/paper/192185/en

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