• ISSN: 2010-0248 (Print)
    • Abbreviated Title: Int. J. Innov.  Manag. Technol.
    • Frequency: Quarterly
    • DOI: 10.18178/IJIMT
    • Editor-in-Chief: Prof. Jin Wang
    • Managing Editor: Ms. Nancy Y. Liu
    • Abstracting/ Indexing: Google Scholar, CNKI, Ulrich's Periodicals Directory,  Crossref, Electronic Journals Library.
    • E-mail: ijimt@ejournal.net
HOME > Archive > 2013 > Volume 4 Number 1 (Feb. 2013) >
IJIMT 2013 Vol.4(1): 56-58 ISSN: 2010-0248

Parametrical Regulation of Economic Growth Based on the Dynamic Stochastic General Equilibrium Model of Frank Smets and Rafael Wouters

Abdykappar A. Ashimov, Yuriy V. Borovskiy, Rakhman A. Alshanov, Bakhyt T. Sultanov, and Mukhit A. Onalbekov

Abstract—The paper presents data on the estimation of parameters of dynamic stochastic general equilibrium model (DSGE model) of Frank Smets and Rafael Wouters based on the statistics of the Republic of Kazakhstan economy. Within the framework of economic growth problem on the basis of linear approximation of F. Smets and R. Wouters DSGE model of national economy the paper formulates the problem of maximization of expected discounted sum of GDP on the 10years horizon with corresponding constraints imposed on interest rate, inflation and government spending. The considered problem was solved applying the parametrical regulation theory. The obtained results of solution to the stated problem have shown significant increase of the average GDP in the considered period compared with the corresponding basic forecast (without parametrical regulation).

Index Terms—DSGE model, forecasting, parameter estimation, parametrical regulation.

The authors are with the Kazakh National Technical University named after K.I. Satpayev, Satpayev street 22, Almaty, 050013, Kazakhstan (e-mail:yuborovskiy@gmail.com, mukhon@list.ru).

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Cite: Abdykappar A. Ashimov, Yuriy V. Borovskiy, Rakhman A. Alshanov, Bakhyt T. Sultanov, and Mukhit A. Onalbekov, "Parametrical Regulation of Economic Growth Based on the Dynamic Stochastic General Equilibrium Model of Frank Smets and Rafael Wouters," International Journal of Innovation, Management and Technology vol. 4, no. 1, pp. 56-58, 2013.

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