Generalized solutions in one problem of optimal control for the Tobin macroeconomic model

  • Authors:

  • O. R. Kozlova

  • Affiliations:

  • Baikal State University of Economics and Law, Irkutsk, Russia

  • Venue:
  • Automation and Remote Control
  • Year:
  • 2008

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Abstract

Consideration was given to the Tobin macromodel of economic growth with real and money markets. This model was used to study the optimization of the monetary policy which is degenerate from the mathematical standpoint because the linearly occurring control (rate of money offering) is unlimited. That is why in reality an extended problem of optimal control with generalized discontinuous trajectories was solved. Extension was made by a special transformation of the original problem. The solution was eventually obtained in the form of a quasioptimal pulse process because the optimal solution does not exist even in the class of pulse processes.