Show simple item record

dc.contributor.authorErmini, Luigi
dc.date.accessioned2011-05-27T09:03:56Z
dc.date.available2011-05-27T09:03:56Z
dc.date.issued1988-07
dc.identifier.isbn0 949269 73 5
dc.identifier.urihttp://hdl.handle.net/2123/7575
dc.description.abstractAbstract This paper discusses some reasons why system control theory has had only a limited impact on economic analysis, especially on government policy¬making. First, in engineering targets are well formulated and known to the controller; in economics, government's targets are often unknown or misperceived by the public. Second, in engineering the distinction between manipulated and non-manipulated variables is given, and the effectiveness of each manipulated variable established. In economics, it is often unclear which manipulated variable is actually used for policy. To this purpose, Granger causality tests -which in fact relate to causality in prediction and not to causality in control -seems inadequate. The paper also discusses some possible uses of the concept of cointegration for inference about unknown targets.en_AU
dc.language.isoen_USen_AU
dc.publisherDepartment of Economicsen_AU
dc.relation.ispartofseries111en_AU
dc.titleTHE LIMITS OF SYSTEM CONTROL THEORY FOR ECONOMIC POLICY-MAKINGen_AU
dc.typeWorking Paperen_AU
dc.contributor.departmentEconomicsen_AU


Files in this item

Thumbnail

This item appears in the following Collection(s)

Show simple item record