A new approach to dynamic input-output models |
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| Authors: | John K. Sharp William R. Perkins |
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| Affiliation: | 3. Decision and Control Laboratory, Coordinated Science Laboratory and Department of Electrical Engineering, University of Illinois, Urbana, 61801 U.S.A. |
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| Abstract: | A new discrete-time dynamic input-output economic model is proposed. A control system formulation is undertaken in which the rates of change of capital stock and production are used in the control (policy or instrument) vector. The model is a supply-demand disequilibrium model, allowing excess demand to exist at any time. The exogenous final demand is modeled as a disturbance input. |
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| Keywords: | Economics modeling input output models |
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