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Anticipations and Time-Varying Modeling in Adaptive Control System

In: Dynamic Systems Modeling and Optimal Control

Author

Listed:
  • Dipak Basu

    (Nagasaki University)

  • Victoria Miroshnik

Abstract

There is a large volume of literatures on the effectiveness of monetary and fiscal policies and on lags in the effects of monetary policies (Friedman & Schwartz, 1963; Meyer, 1967; Tobin, 1970; Hamburger, 1971). Although lengths of lags are important in determining the role of monetary-fiscal policies, the relationship between money and income varies over time due to changes in the lag structure. Mountford and Uhlig (2008), Gali (2007), Perotti (2005), Poole (1975), Warburton (1971) and Meyer (1967) attempted to analyse the empirical variability of the lag structure by analysing the turning points in general business activity. Ljungqvist and Sargent (2004), Sargent and Wallace (1973) and Lucas (1972) have drawn attention to the role of time-dependant response coefficients to changes in stabilization policies and the role anticipation plays in the conduct of monetary-fiscal policy.

Suggested Citation

  • Dipak Basu & Victoria Miroshnik, 2015. "Anticipations and Time-Varying Modeling in Adaptive Control System," Palgrave Macmillan Books, in: Dynamic Systems Modeling and Optimal Control, chapter 7, pages 144-159, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-50895-9_7
    DOI: 10.1057/9781137508959_7
    as

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