Browsing by Author "Pharo, Alastair"
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Item Open Access Approximations to viability kernels for sustainable macroeconomic policies(Te Herenga Waka—Victoria University of Wellington, 2011) Krawczyk, Jacek B; Pharo, Alastair; Simpson, MarkMaintaining an open economy within certain bounds on inflation, output gap and exchange rate can help sustainable economic development. Macroeconomics proposes monetary-policy models that describe evolution of the above quantities. We use one such model, constituted by a four-metastate one-control system, to compute viability kernel approximations that one can use to assist the central bank to establish "sustainable" policies. We propose a simple heuristic algorithm that leads to kernel approximations for this and similar models.