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COAR Access Rights: metadata only accessSubject: robust control

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    Citation - WoS: 40
    Citation - Scopus: 52
    Variable Structure Control of a Class of Uncertain Systems
    (Pergamon-elsevier Science Ltd, 2004) Efe, MÖ; Ünsal, C; Kaynak, O; Yu, XH
    This brief paper proposes a method for tuning the parameters of a variable structure controller. The approach presented extracts the error at the output of the controller and applies a nonlinear tuning law using this error measure. The adaptation mechanism drives the state tracking error vector to the sliding hypersurface and maintains the sliding mode. In the simulations, the approach presented has been tested on the control of Dulling oscillator and the analytical claims have been justified under the existence of measurement noise, uncertainty and large nonzero initial errors. (C) 2003 Elsevier Ltd. All rights reserved.
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    Article
    Citation - WoS: 1
    Citation - Scopus: 1
    Model Uncertainty and Financial Frictions: Implications for Optimal Monetary Policy
    (World Scientific, 2024) Kantur,Z.; Özcan,G.
    The last decades proved that policymaking without considering uncertainty is impracticable. In an environment of uncertainty, policymakers have doubts about the policy models they routinely use. This paper focuses specifically on the situation where uncertainty on the financial side of the economy leads to misspecification in the policy model. We describe a coherent strategy for policymakers who are averse to model misspecification and analyze optimal policy design in the face of Knightian uncertainty. To do so, we augment a financial dynamic stochastic general equilibrium model with model misspecification in a simple minimax framework where the central bank plays a zero-sum game versus a hypothetical evil agent. The policy is tailored to insure against the worstcase outcomes. We show that model ambiguity on the financial side requires a passive monetary policy stance. However, if the uncertainty originates from the supply side of the economy, an aggressive response of interest rate is required. We also show the impact of an additional macroprudential tool on the dynamics of the economy. © 2024 World Scientific Publishing Company.