Hawkins, Raymond; Speakes, Jeffrey; Hamilton, Dan - In: Journal of Economic Interaction and Coordination 10 (2015) 1, pp. 183-197
known as proportional-integral-differential, or PID, control. From this identification we propose a general class of PID …-known effectiveness and parsimony of PID control. We find that for the same reason encountered in other PID control applications …—noisy data—most monetary policy rules fall in the proportional-integral subset of PID control known as PI control. We estimate …