How can the preferences of policy makers be operationalised in optimum control problems with macroeconometric models? : a case study for Slovenian fiscal policies

Blueschke, Dmitri (avtor), Weyerstrass, Klaus (avtor), Neck, Reinhard (avtor), Verbič, Miroslav (avtor)

In this paper, we use the results of a survey among Slovenian politicians in order to design an objective function for an optimal control problem with a macroeconometric model for fiscal policy in Slovenia that takes account of policy makers’ preferences. The paper discusses three different scenarios in which the policy preferences revealed in interviews can be included in the objective functions of the control problems. These objective functions are then used to calculate optimal fiscal policies for the Slovenian economy until 2030. For this purpose, we utilise the macroeconometric model SLOPOL10 and the OPTCON2 algorithm. The results indicate qualitatively similar behaviour of the optimised dynamic system and a better performance (lower values of the loss due to deviation from “ideal” paths) from a ranking-based approach than from an ad-hoc assumption of policy makers’ preferences. We sketch how to integrate the approach in a decision-support system for macroeconomic policy design.

• Jezik: Angleški jezik
• Ključne besede: fiscal policy, econometrics, models, Slovenia, policy preferences, macroeconomics, optimum control
• Vrsta gradiva: Članek v reviji
• Tipologija: 1.01 - Izvirni znanstveni članek
• Organizacija: EF - Ekonomska fakulteta
• Status publikacije: Objavljeno
• Različica publikacije: Objavljena publikacija
• Leto izida: 2024
• Št. strani: Str. 151-169
• Številčenje: Vol. 48, no. 2
• PID: 20.500.12556/RUL-169961
• UDK: 330.4:336
• ISSN pri članku: 2459-8860
• DOI: 10.3326/pse.48.2.2
• COBISS.SI-ID: 198699779
• Datum objave v RUL: 27.02.2026

Gradivo je del revije

• Naslov: Public sector economics
• Skrajšan naslov: Public sect. econ.
• Založnik: Institute of Public Finance
• ISSN: 2459-8860
• COBISS.SI-ID: 1847182

Licence

• Licenca: CC BY-NC 4.0, Creative Commons Priznanje avtorstva-Nekomercialno 4.0 Mednarodna
• Povezava: http://creativecommons.org/licenses/by-nc/4.0/deed.sl
• Opis: Licenca Creative Commons, ki prepoveduje komercialno uporabo, vendar uporabniki ne rabijo upravljati materialnih avtorskih pravic na izpeljanih delih z enako licenco.

Sekundarni jezik

• Jezik: Slovenski jezik
• Ključne besede: fiskalna politika, ekonometrija, modeli, Slovenija

Projekti

• Financer: FWF - Austrian Science Fund
• Program financ.: Internationale Projekte
• Številka projekta: I 2764
• Naslov: Public spending and fiscal multipliers under various policy mixes

• Financer: ARIS - Javna agencija za znanstvenoraziskovalno in inovacijsko dejavnost Republike Slovenije
• Številka projekta: 630-31/2016-1
• Naslov: Public Spending and Fiscal Multipliers under Various Economic Policy Mixes: A Quarterly Macroeconometric Approach