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Achieving Macroeconomic Goals

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  • Mike O'Brien

Abstract

Two basic approaches to using dynamic econometric models to formulate macroeconomic policy are generally in use. These are: invertible transfer function methodology and optimal control methodology. In this paper a technique for determining dynamic growth paths is presented. The result of the application of this technique is the synthesis of the two approaches into a single approach yielding a policy with more desirable characteristics than was previously possible. An example of the use of this synthesis technique using Pindyck's model is presented.

Suggested Citation

  • Mike O'Brien, 1982. "Achieving Macroeconomic Goals," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 49(1), pages 117-135.
    • Handle: RePEc:oup:restud:v:49:y:1982:i:1:p:117-135.
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    File URL: http://hdl.handle.net/10.2307/2297145
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