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Model reference control for an economic growth cycle model. (English) Zbl 1251.91044

Summary: A useful method in intelligent engineering, called model reference control (MRC), is applied in an economic control problem. The authors review the main framework of MRC and Goodwin growth cycle (GGC) model between two countries and drive the employment rate to be approximate stable in a high level by controlling the workers’ share in the national income automatically. It is very helpful to constitute economic policies for a country or an economic union.

MSC:

91B62 Economic growth models
93C95 Application models in control theory
91B64 Macroeconomic theory (monetary models, models of taxation)
91B40 Labor market, contracts (MSC2010)
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