@misc{Arcelli_M._Proceedings_1977,
 author={Arcelli, M.},
 copyright={Creative Commons Attribution BY 4.0 license},
 address={Warszawa},
 journal={Książka = Book},
 howpublished={online},
 year={1977},
 publisher={Instytut Badań Systemowych. Polska Akademia Nauk},
 publisher={Systems Research Institute. Polish Academy of Sciences},
 language={eng},
 abstract={The dominant theory of balance of payments adjustment (known as the Tinbergen-Mundell approach) has recently become the object of serious criticism. Mundell's strategy to reconcile "interna! and external balance" by means of a targets-instruments analysis suffers from important limitations. It cannot maximize any relevant welfare function and it may result destabilizing for the economy even when instruments are appropriately paired with the objectives on which they have the most influence. Hence Williamson's proposal to submit the balance of payments adjustment to the prescriptions derived from the application of control theory. This approach consists in an intertemporal maximization of a social welfare function, subject to the constraints imposed by the working of an open economy. Appropriate values of proximate targets are derived as a by-product of intertemporal optimization. The present paper illustrates a simple model of an open economy with an application of the maximum principle to a social welfare function. The model is a variant of Williamson's analysis and allows the assessment of interesting economic theorems. The analysis focuses on steady-states solutions. The discussion of the implications and limitations of this kind of approach closes the paper.},
 type={Text},
 title={Proceedings of the 3rd Italian-Polish conference on applications of systems theory to economy, management and technology: Białowieża, Poland, May 26-31, 1976 * Systems theory of economic * Some issues on application of control theory to balance of payments adjustment: a new treatement opposed to the accepted theory},
 URL={http://www.rcin.org.pl/Content/198243/PDF/KS-1977-01-R02P01.pdf},
}