Multiple criteria macroeconomic policy formulation

an approach and an application
  • 80 Pages
  • 1.95 MB
  • English
Vaasa School of Economics , Vaasa
Finland -- Economic policy -- Econometric mo



StatementHannele Wallenius.
SeriesVaasan Kauppakorkeakoulun julkaisuja. Tutkimuksia ;, no. 60., Economics ;, 8, Vaasan Kauppakorkeakoulun julkaisuja., n:o 60., Vaasan Kauppakorkeakoulun julkaisuja., 8.
LC ClassificationsHC340.2 .W35 1979
The Physical Object
Pagination80 leaves ;
ID Numbers
Open LibraryOL2790927M
ISBN 109516830919
LC Control Number83218598

Turning to the role of fiscal policy in macroeconomic management, Samir El-Khouri in Chapter 8 specifies three main functions of fiscal policy: the allocation function—the process of dividing total resource use between private and social goods and choosing the mix of social goods.

The Interactive Algorithm for Multiple Criteria Decision Making by E.E. Rosinger Applied to Macroeconomic Decision Making: A Report on Research in Progress.

Presented at the Seminar on Econometric Decision Models, University of Hagen, June 19–20, Cited by: 1.

Description Multiple criteria macroeconomic policy formulation FB2

In this paper we propose an approach to solving multiple criteria macroeconomic policy problems and report on an application using an existing econometric model. This approach involves the use of a mathematical programming formulation of the macroeconomic policy problem with multiple Cited by: rally fits in the structure of multiple criteria decision making (MCDM), so that the use of MCDM techniques can be po- tentially useful to deal with macroeconomic policy-making.

Ankara. Wallenius, H. Optimizing macroeconomic policy: a review of approaches and applications. European Journal of Operational Resea Wierzbicki, A.P.

The use of reference objectives in multiobjective optimization. In Multiple Criteria Decision Making Theory and Applications (G. Fandel and T. Gal, Eds.).Author: Sohbet Karbuz. Applied Macroeconomics for Public Policy applies system and control theory approaches to macroeconomic problems.

Details Multiple criteria macroeconomic policy formulation PDF

The book shows how to build simple and efficient macroeconomic models for policy analysis. By using these models, instead of complex multi-criteria models with uncertain parameters, readers will gain new certainty in macroeconomic decision-making. In our presentation we shall analyse the results of a small experiment with human policy-makers (PMs) conducted within the framework of a macro-economic policy-making problem.

The purpose of the experiment was to test the practical applicability of two interactive methods for solving multiple-criteria, dynamic optimization problems. This page contains the complete book Macroeconomic Policy in a World Economy in pdf format for viewing, downloading, or printing.

The book describes the theoretical form and the empirical estimation of a forward-looking multicountry model (sometimes called the Taylor Multicountry Model). Macroeconomics: Theory and Policy provides students with comprehensive coverage of all the essential concepts of macroeconomics.

A balanced approach between theoretical and mathematical aspects of the subject has been adopted - Selection from Macroeconomics: Theory and Policy [Book].

Policy analysis is a systematic evaluation of the technical and political implications of alternatives proposed to solve public Policy Analysis pp pp p problems. Policy analysis refers to both the process of assessing policies or programs, and the product of that analysis.

A policy analyst: uses qualitative and quantitative data. Fiscal policy: Changes in government spending or taxation. Monetary policy: Changes in the money supply to alter the interest rate (usually to influence the rate of inflation).

Supply-side policy: Attempts to increase the productive capacity of the economy. Fiscal and monetary policy comes in two types: Expansionary: Intended to stimulate the economy by stimulating aggregate demand. The aim of this work is to develop a “learning model” which outranks countries according to their confrontation of historical macroeconomic indicators for a given period of time with the spreads at the end of that time and to formulate a forward-looking investment strategy regarding government bonds for the following time period.

enhancing economic research, capacity-building, and policy dialogue. The papers generated under this request for proposals should assist policy makers with evaluating and improving the operation and coordination of macroeconomic policy and will be published as a part of the Macroeconomic modelling for policy formulation work stream of the.

The book discusses new macroeconomic policy frameworks for Africa. Emphasis is on macroeconomic policies focusing on sustainable and inclusive growth, especially by. EASYPol is a multilingual repository of freely downloadable resources for policy making in agriculture, rural development and food security.

The resources are the results of research and field work by policy experts at FAO. The site is maintained by FAO’s Policy Assistance Support Service, Policy and Programme Development Support Division, FAO.

macroeconomic policy to be effective, there need to be broader goals, additional instruments beyond fiscal and monetary policies, and a balanced role for government and the private sector.

In addition, policy needs to be designed to coordinate fiscal, monetary. In this case, only seven macroeconomic criteria influence the countries outranking by the multiple criteria decision making procedure.

The level (18%) and trend (12%) criteria for GDP, the level criteria for government financial balances and government gross. Brief Contents PART I Introduction to Economics 1 1 The Scope and Method of Economics 1 2 The Economic Problem: Scarcity and Choice 25 3 Demand, Supply, and Market Equilibrium 47 4 Demand and Supply Applications 79 PART II Concepts and Problems in Macroeconomics 97 5 Introduction to Macroeconomics 97 6 Measuring National Output and National Income 7 Unemployment.

Multiple-criteria decision-making (MCDM) or multiple-criteria decision analysis (MCDA) is a sub-discipline of operations research that explicitly evaluates multiple conflicting criteria in decision making (both in daily life and in settings such as business, government and medicine).

Conflicting criteria are typical in evaluating options: cost or price is usually one of the main criteria, and. Finally, many macroeconomic issues involve uncertainty.

Therefore, we spend some time on how to introduce it into our models, both mathematically and in terms of eco-nomic concepts. The second part of the course notes goes over some important macroeconomic topics.

These involve growth and business cycle analysis, asset pricing, flscal policy. No, that's not right. The correct answer is D as this should boost spending and lead to a need to employ more people to meet the increase in demand. A would have the opposite affect and so would B.

C, which is monetary policy would also be used to slow an economy and that might increase unemployment. Your answer has been saved. Macroeconomic policy is the set of rules or regulations designed to influence or control macroeconomic variables. These variables include aggregate income, total unemployment (unemployment), growth, and the general level of wages, prices, and interest rates.

the decision maker must also decide which policy to select. The criteria for. principles of macroeconomics senior contributing authors steven a. greenlaw, university of mary washington timothy taylor, macalester college. Modern Macroeconomic Policy Making The events since have provided a significant challenge to the orthodox settlement on monetary and fiscal policy.

A policy framework based on a broad inflation targeting regime (including targets for output and employment) appeared to be very successful in reducing the volatility of inflation and output.

The above sketch represents the basic outline of economic policy. For macroeconomic policy, the desired goals are expressed as values of certain macroeconomic variables one wishes to influence. Definition A target of economic policy is a goal of policy identified with precision. Definition The field of multiple criteria decision analysis (MCDA), also termed multiple criteria decision aid, or multiple criteria decision making (MCDM), has developed rapidly over the past quarter century and in the process a number of divergent schools of thought have emerged.

This can make it difficult. Handbook of Macroeconomics surveys all major advances in macroeconomic scholarship since the publication of Volume 1 (), carefully distinguishing between empirical, theoretical, methodological, and policy issues.

It courageously examines why existing models failed during the financial crisis, and also addresses well-deserved criticism head on. This course provides an overview of macroeconomic issues: the determination of output, employment, unemployment, interest rates, and inflation. Monetary and fiscal policies are discussed.

Important policy debates such as, the sub-prime crisis, social security, the public debt, and international economic issues are critically explored.

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The course introduces basic models of macroeconomics and. The criteria for including new textbooks in the Open Textbook Library are: All content must be openly licensed. We accept textbooks licensed with GNU and Creative Commons (CC) licenses, with the exception of the CC ND (No Derivatives) component.

CC BY is recommended. Go to Creative Commons for more information about selecting a license for your. Macroeconomic Theory and Policy. (3) An examination of current macroeconomic theory.

The emphasis is on understanding a generalized model of the economy with multiple causal variables. Differences in interpretations of economic data and theoretical approaches are analyzed.

Policy Making theme aims to show how this can be done. Many would argue that to assess the quality of policy making one must examine the outcomes it achieves. But when it comes to making a collective assessment of policy making outcomes, the problems quickly mount up.

Therefore, in this report we focus mainly on the quality of the policy. process. The scope of macroeconomic evaluation is different from ‘value for money’ microeconomic assessments that are widely used in therapeutic drugs. In vaccines, the focus is to capture in addition the rate of return of public health investment (13, 14).

Thus, microeconomic methods alone may not be sufficient from a policy analysis perspective.Macroeconomics (from the Greek prefix makro-meaning "large" + economics) is a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole.

This includes regional, national, and global economies. Macroeconomists study topics such as GDP, unemployment rates, national income, price indices, output, consumption, unemployment, inflation.