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Published in:
1979 | OriginalPaper | Chapter
Adaptive Control of Macroeconomic Models with Measurement Error
Author : David Kendrick
Published in: Optimal Control for Econometric Models
Publisher: Palgrave Macmillan UK
Included in: Professional Book Archive
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The data used by policy analysts to determine monetary and fiscal policies are known to contain errors. In fact these data are constantly being revised as more information becomes available. The magnitude of these revisions gives us a measure of the relative quality of different macroeconomic time series and yet economists do not presently use this information in determining policies.