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Keywords = Optimal Control
Number of Articles: 2
Properties of Optimal Consumption under Liquidity Constraints: New Results by Control Theoretic Approach
Volume 17, Issue 50 , April 2012, , Pages 1-42
Abstract
Optimality conditions for consumption behavior with liquidity constraints are obtained using the functional recurrence equation in Bellman’s dynamic programming and the generalized Hamiltonian function in Pontryagin’s maximum principle. The rejection of Hall’s random walk hypothesis ... Read MoreRational Expectations, the Lucas Critique and the Optimal Control of Macroeconomic Models: A Historical Analysis of Basic Developments in the 20th Century
Volume 16, Issue 46 , April 2011, , Pages 19-46