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How can the preferences of policy makers be operationalised in optimum control problems with macroeconometric models? A case study for Slovenian fiscal policies*
Article | Year: 2024 | Pages: 151 - 169 | Volume: 48 | Issue: 2 Received: August 7, 2023 | Accepted: January 12, 2024 | Published online: June 10, 2024
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FULL ARTICLE
FIGURES & DATA
REFERENCES
CROSSMARK POLICY
METRICS
LICENCING
PDF
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Rank
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Target
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Mark (1-10)
|
|
1
|
GDP growth
|
9.5
|
|
2
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Ratio of public debt to
GDP
|
8.8
|
|
3
|
Trade balance
|
8.6
|
|
4
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Unemployment rate
|
8.5
|
|
5
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Private consumption level
|
8.5
|
|
6
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Share of investment in
GDP
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8.3
|
|
7
|
State budget level
|
7.0
|
|
8
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Inflation rate
|
6.9
|
|
|
BAL
|
CAGDP
|
CR
|
DEBT
|
GDPR
|
GRGDPR
|
GRYPOT
|
INFL
|
INVR
|
UR
|
YPOT
|
|
sc0
|
1
|
1
|
1
|
1
|
1
|
1
|
1
|
1
|
1
|
1
|
1
|
|
sc1
|
2
|
2
|
2
|
2
|
2
|
1
|
2
|
1
|
2
|
2
|
1
|
|
sc2
|
7
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8.6
|
8.5
|
8.8
|
1
|
9.5
|
1
|
6.9
|
8.3
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8.5
|
1
|
|
sc3
|
3
|
7
|
5
|
8
|
1
|
9
|
1
|
2
|
4
|
6
|
1
|
|
|
BAL
|
CAGDP
|
CR
|
DEBT
|
GDPR
|
GRGDPR
|
GRYPOT
|
INFL
|
INVR
|
UR
|
YPOT
|
|
sc0
|
6.7
|
13.7
|
1.7
|
1.9
|
2.8
|
11.2
|
12.6
|
22.8
|
1.6
|
9.7
|
2.3
|
|
sc1
|
5.4
|
12.9
|
1.6
|
1.5
|
2.7
|
10.2
|
10.5
|
21.4
|
1.4
|
7.9
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1.9
|
|
sc2
|
3.2
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10.3
|
1.3
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0.7
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2.2
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7.1
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7.2
|
18.3
|
0.9
|
4.1
|
0.8
|
|
sc3
|
5.7
|
11.3
|
1.3
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0.6
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2.2
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6.5
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10.6
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22.2
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1.3
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4.4
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1.7
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* A lower value means less deviation from the “ideal” path. Source: Authors’ own calculations.
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sum_J_states
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sum_J_controls
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sum_J_all
|
|
sc0
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87.0
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54.7
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141.7
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sc1
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77.4
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67.4
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144.8
|
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sc2
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56.2
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144.8
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201.1
|
|
sc3
|
67.8
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107.7
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175.4
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* With weights from sc0, thus, sc0 produces the best results. Source: Authors’ own calculations.
 Source: Authors’ own calculations.
Source: Authors’ own calculations.
Source: Authors’ own calculations.
 Source: Authors’ own calculations.
 Source: Authors’ own calculations.
 Source: Authors’ own calculations.
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June, 2024
II/2024
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