Models for Dynamic Macroeconomics

Author: Fabio C. Bagliano,Giuseppe Bertola

Publisher: Oxford University Press on Demand

ISBN: 0199266824

Category: Business & Economics

Page: 276

View: 8153

This title provides the student with key methodological tools for the dynamic analysis of a core selection of macroeconomic phenomena, including consumption and investment choices, employment and unemployment outcomes, and economic growth.
Posted in Business & Economics

Stochastic Dynamic Macroeconomics

Theory and Empirical Evidence

Author: Gang Gong,Willi Semmler

Publisher: Oxford University Press

ISBN: 9780195345735

Category: Business & Economics

Page: 224

View: 6857

This is a book on stochastic dynamic macroeconomics from a Keynesian perspective. It shows that including Keynesian features in intertemporal models considerably contributes to resolve major puzzles arising in the context of the Dynamic General Equilibrium (DGE) model. It also demonstrates that including microeconomic intertemporal behavior of economic agents in macroeconomics is not inconsistent with Keynesian economics.
Posted in Business & Economics

Dynamic Macroeconomics

Instability, Fluctuation, and Growth in Monetary Economies

Author: Peter Flaschel,Reiner Franke,Willi Semmler

Publisher: MIT Press

ISBN: 9780262061919

Category: Business & Economics

Page: 455

View: 2593

"Macrodynamics is a venerable and important tradition, which fifty or sixty years ago engaged the best minds of the economics profession: among them Frisch, Tinbergan, Harrod, Hicks, Samuelson, Goodwin. Recently it has been in danger of being swallowed up by rational expectations, moving equilibrium, and dynamic optimization. We can be grateful to the authors of this book for keeping alive the older tradition, while modernizing it in the light of recent developments in techniques of dynamic modeling." -- James Tobin, Sterling Professor of Economics Emeritus, Yale University "Dynamic Macroeconomics" is an attempt to revitalize the traditions of nonmarket clearing approaches to macroeconomics. Using sophisticated tools from dynamic analysis, the authors introduce a consistent, integrated framework for disequilibrium macroeconomic dynamics and explore its relationship to the competing--and currently dominant--equilibrium dynamics. The book is organized into five parts. Part I covers background models of market-clearing and nonmarket-clearing approaches. Part II introduces short-run monetary models of macroeconomic fluctuations that build on the dynamic interaction of product, labor, and financial markets. Part III explores monetary instability in variants with capital accumulation and growth. Part IV explores supply and demand side Keynesian business cycles and monetary-type growth models. Part V considers the role of the financial sector as a source of instability and fluctuations.
Posted in Business & Economics

Introduction to Dynamic Macroeconomic General Equilibrium Models

Author: Jose Luis Torres Chacon

Publisher: Vernon Press

ISBN: 9781622730254

Category:

Page: 270

View: 4229

This book offers an introductory step-by-step course to Dynamic Stochastic General Equilibrium modelling. Modern macroeconomic analysis is increasingly concerned with the construction, calibration and/or estimation and simulation of Dynamic General Equilibrium (DGE) models. The book is intended for graduate students as an introductory course to DGE modelling and for those economists who would like a hands-on approach to learning the basics of modern dynamic macroeconomic modelling. The book starts with the simplest canonical neoclassical DGE model and then gradually extends the basic framework incorporating a variety of additional features, such as consumption habit formation, investment adjustment cost, investment-specific technological change, taxes, public capital, household production, non-ricardian agents, monopolistic competition, etc. The book includes Dynare codes for the models developed that can be downloaded from the book's homepage.
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Dynamic Macroeconomic Theory

Author: Thomas J. Sargent

Publisher: Harvard University Press

ISBN: 9780674043084

Category: Business & Economics

Page: 384

View: 8003

The tasks of macroeconomics are to interpret observations on economic aggregates in terms of the motivations and constraints of economic agents and to predict the consequences of alternative hypothetical ways of administering government economic policy. General equilibrium models form a convenient context for analyzing such alternative government policies. In the past ten years, the strengths of general equilibrium models and the corresponding deficiencies of Keynesian and monetarist models of the 1960s have induced macroeconomists to begin applying general equilibrium models. This book describes some general equilibrium models that are dynamic, that have been built to help interpret time-series of observations of economic aggregates and to predict the consequences of alternative government interventions. The first part of the book describes dynamic programming, search theory, and real dynamic capital pricing models. Among the applications are stochastic optimal growth models, matching models, arbitrage pricing theories, and theories of interest rates, stock prices, and options. The remaining parts of the book are devoted to issues in monetary theory; currency-in-utility-function models, cash-in-advance models, Townsend turnpike models, and overlapping generations models are all used to study a set of common issues. By putting these models to work on concrete problems in exercises offered throughout the text, Sargent provides insights into the strengths and weaknesses of these models of money. An appendix on functional analysis shows the unity that underlies the mathematics used in disparate areas of rational expectations economics. This book on dynamic equilibrium macroeconomics is suitable for graduate-level courses; a companion book, Exercises in Dynamic Macroeconomic Theory, provides answers to the exercises and is also available from Harvard University Press.
Posted in Business & Economics

Macroeconomic Models for Adjustment in Developing Countries

Author: International Monetary Fund

Publisher: International Monetary Fund

ISBN: 1455233625

Category: Business & Economics

Page: 333

View: 6964

This volume, edited by Mohsin S. Khan, Peter J. Montiel, and Nadeem U. Haque, examines recent IMF-developed empirical macroeconomic models dealing with adjustment and stabilization policies in developing countries. Some models are relevant for specific countries, and others relate to groups of developing countries.
Posted in Business & Economics

The Dynamic Macroeconomic Effects of Public Capital

Theory and Evidence for OECD Countries

Author: Christophe Kamps

Publisher: Springer Science & Business Media

ISBN: 9783540238973

Category: Business & Economics

Page: 240

View: 6563

This book analyzes the dynamic macroeconomic effects of public capital in industrialized countries. The issue of whether public capital is productive has received a great deal of recent attention. Yet, existing empirical analyses have been limited to a small set of countries. This book presents a new database that provides internationally comparable capital stock estimates for 22 OECD countries for the 1960-2001 period. Building on this database, the book estimates the dynamic effects of public capital using a variety of econometric methods. The results suggest that public capital is productive in OECD countries on average. The theoretical analysis based on a dynamic general equilibrium model shows that the effects of public capital depend crucially on the way the government chooses to finance additional spending.
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Dynamic Macroeconomic Analysis

Theory and Policy in General Equilibrium

Author: Sumru Altug,Jagjit S. Chadha,Charles Nolan

Publisher: Cambridge University Press

ISBN: 9780521534031

Category: Business & Economics

Page: 582

View: 6200

A survey of key issues relevant for the analysis of modern dynamic economies.
Posted in Business & Economics

Aggregation and the Microfoundations of Dynamic Macroeconomics

Author: Mario Forni,Professor of Economics Mario Forni,Marco Lippi,Professor of Economics Marco Lippi

Publisher: Oxford University Press

ISBN: 9780198288008

Category: Business & Economics

Page: 235

View: 9226

This book argues that modern macroeconomics has completely overlooked the aggregate nature of the data. Standard models start with intertemporally maximizing agents and obtain dynamic equations linking economic variables like consumption, income, investment interest rate and employment. Suchequations exhibit testable properties like cointegration, definite patterns of Granger causality, and restrictions on the parameters. The usual simplification that agents are identical leads to testing these properties directly on aggregate data. Here this simplification is systematically questioned. In Part I the homogeneity assumption is tested using disaggregate data and strongly rejected. As shown in Part II, the consequence of introducing heterogeneity is that, apart from flukes, cointegration unidirectional Granger causality,restrictions on parameters do not survive aggregation: thus the claim that modern macroeconomics has solid microfoundations is unwarranted. However, it is argued in Part III that aggregation is not necessarily bad. Some important theory-based models that do not fit aggregate data well in their representative-agent version can be reconciled with aggregate data by introducing heterogeneity.
Posted in Business & Economics

Macroeconomic Theory

A Dynamic General Equilibrium Approach, Second Edition

Author: Michael Wickens

Publisher: Princeton University Press

ISBN: 1400842476

Category: Business & Economics

Page: 616

View: 3204

Macroeconomic Theory is the most up-to-date graduate-level macroeconomics textbook available today. This revised second edition emphasizes the general equilibrium character of macroeconomics to explain effects across the whole economy while taking into account recent research in the field. It is the perfect resource for students and researchers seeking coverage of the most current developments in macroeconomics. Michael Wickens lays out the core ideas of modern macroeconomics and its links with finance. He presents the simplest general equilibrium macroeconomic model for a closed economy, and then gradually develops a comprehensive model of the open economy. Every important topic is covered, including growth, business cycles, fiscal policy, taxation and debt finance, current account sustainability, and exchange-rate determination. There is also an up-to-date account of monetary policy through inflation targeting. Wickens addresses the interrelationships between macroeconomics and modern finance and shows how they affect stock, bond, and foreign-exchange markets. In this edition, he also examines issues raised by the most recent financial crisis, and two new chapters explore banks, financial intermediation, and unconventional monetary policy, as well as modern theories of unemployment. There is new material in most other chapters, including macrofinance models and inflation targeting when there are supply shocks. While the mathematics in the book is rigorous, the fundamental concepts presented make the text self-contained and easy to use. Accessible, comprehensive, and wide-ranging, Macroeconomic Theory is the standard book on the subject for students and economists. The most up-to-date graduate macroeconomics textbook available today General equilibrium macroeconomics and the latest advances covered fully and completely Two new chapters investigate banking and monetary policy, and unemployment Addresses questions raised by the recent financial crisis Web-based exercises with answers Extensive mathematical appendix for at-a-glance easy reference This book has been adopted as a textbook at the following universities: American University Bentley College Brandeis University Brigham Young University California Lutheran University California State University - Sacramento Cardiff University Carleton University Colorado College Fordham University London Metropolitan University New York University Northeastern University Ohio University - Main Campus San Diego State University St. Cloud State University State University Of New York - Amherst Campus State University Of New York - Buffalo North Campus Temple University - Main Texas Tech University University of Alberta University Of Notre Dame University Of Ottawa University Of Pittsburgh University Of South Florida - Tampa University Of Tennessee University Of Texas At Dallas University Of Washington University of Western Ontario Wesleyan University Western Nevada Community College
Posted in Business & Economics

Exercises in Dynamic Macroeconomic Theory

Author: Rodolfo E. Manuelli,Thomas J Sargent

Publisher: Harvard University Press

ISBN: 9780674040571

Category: Business & Economics

Page: 238

View: 6715

This book is a companion volume to Dynamic Macroeconomic Theory by Thomas J. Sargent. It provides scrimmages in dynamic macroeconomic theory--precisely the kind of drills that people will need in order to learn the techniques of dynamic programming and its applications to economics. By doing these exercises, the reader can acquire the ability to put the theory to work in a variety of new situations, build technical skill, gain experience in fruitful ways of setting up problems, and learn to distinguish cases in which problems are well posed from cases in which they are not.The basic framework provided by variants of a dynamic general equilibrium model is used to analyze problems in macroeconomics and monetary economics. An equilibrium model provides a mapping from parameters of preferences, technologies, endowments, and "rules of the game" to a probability model for time series. The rigor of the logical connections between theory and observations that the mapping provides is an attractive feature of dynamic equilibrium, or "rational expectations," models. This book gives repeated and varied practice in constructing and interpreting this mapping.
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Mathematical Methods and Models for Economists

Author: Angel de la Fuente

Publisher: Cambridge University Press

ISBN: 9780521585293

Category: Business & Economics

Page: 835

View: 7675

A textbook for a first-year PhD course in mathematics for economists and a reference for graduate students in economics.
Posted in Business & Economics

Income Distribution in Macroeconomic Models

Author: Giuseppe Bertola,Reto Foellmi,Josef Zweim├╝ller

Publisher: Princeton University Press

ISBN: 9780691121710

Category: Business & Economics

Page: 421

View: 7970

"The interaction between the dynamics of economic growth and the evolution of economic inequality is an important and challenging problem. Recent advances in macroeconomics of heterogeneous agents have finally made it possible to investigate this question in a systematic manner. This timely book offers an excellent first broad overview in this area. The ideas in the book are so intuitive that they can be taught to advanced undergraduates. The exposition is so clear, simple and yet rigorous that the book is useful in a first-year graduate macro sequence. Its comprehensive coverage makes it an indispensable source of reference for the researcher in the field. A great achievement! I wish I had written this book."--Kiminori Matsuyama, Northwestern University "Income distribution questions are becoming increasingly important in modern macroeconomic theory, and they will probably become even more so as computational techniques are utilized to move macroeconomics beyond the representative agent paradigm. This book does a good job in summarizing the current state of the literature in an interesting and hands-on way."--Alex Michaelides, London School of Economics "A well balanced, clearly argued, up-to-date, and informative account of the subject. The arguments that spin off from this book will interest not only macroeconomists but also others in the field."--Frank Cowell, Professor of Economics and Director of Distributional Analysis Research Programme, London School of Economics; author of "The Economics of Poverty and Inequality"
Posted in Business & Economics

Computational Methods for the Study of Dynamic Economies

Author: Ramon Marimon,Andrew Scott

Publisher: OUP Oxford

ISBN: 0191522392

Category: Business & Economics

Page: 292

View: 6853

Macroeconomics increasingly uses stochastic dynamic general equilibrium models to understand theoretical and policy issues. Unless very strong assumptions are made, understanding the properties of particular models requires solving the model using a computer. This volume brings together leading contributors in the field who explain in detail how to implement the computational techniques needed to solve dynamic economics models. A broad spread of techniques are covered, and their application in a wide range of subjects discussed. The book provides the basics of a toolkit which researchers and graduate students can use to solve and analyse their own theoretical models.
Posted in Business & Economics

Handbook of Macroeconomics

Author: Michael Woodford

Publisher: Elsevier

ISBN: 9780444501561

Category:

Page: 786

View: 9986

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A New-Open-Economy Macro Model for Fiscal Policy Evaluation

Author: Dennis P. J. Botman,Dirk Muir,Douglas Laxton

Publisher: International Monetary Fund

ISBN: N.A

Category: Corporations

Page: 46

View: 1250

We develop a New-Open-Economy-Macro model in which Ricardian equivalence does not hold because of (i) distortionary labor and corporate income taxation; (ii) limited asset market participation; and (iii) because the overlapping-generations structure results in a disconnect between current and future generations. We consider a permanent increase in government debt following a cut in labor or corporate income taxes in a small and large open economy. We analyze the sensitivity of the results to the key structural parameters of the model and argue that under plausible assumptions there will be significant crowding-out effects associated with permanent increases in government debt.
Posted in Corporations

Handbook of Research Methods and Applications in Empirical Macroeconomics

Author: Nigar Hashimzade,Michael A. Thornton

Publisher: Edward Elgar Publishing

ISBN: 0857931024

Category: Business & Economics

Page: 640

View: 1349

This comprehensive Handbook presents the current state of art in the theory and methodology of macroeconomic data analysis. It is intended as a reference for graduate students and researchers interested in exploring new methodologies, but can also be employed as a graduate text. The Handbook concentrates on the most important issues, models and techniques for research in macroeconomics, and highlights the core methodologies and their empirical application in an accessible manner. Each chapter is largely self-contained, whilst the comprehensive introduction provides an overview of the key statistical concepts and methods. All of the chapters include the essential references for each topic and provide a sound guide for further reading. Topics covered include unit roots, non-linearities and structural breaks, time aggregation, forecasting, the Kalman filter, generalised method of moments, maximum likelihood and Bayesian estimation, vector autoregressive, dynamic stochastic general equilibrium and dynamic panel models. Presenting the most important models and techniques for empirical research, this Handbook will appeal to students, researchers and academics working in empirical macro and econometrics.
Posted in Business & Economics

New Approaches to Macroeconomic Modeling

Evolutionary Stochastic Dynamics, Multiple Equilibria, and Externalities as Field Effects

Author: Masanao Aoki

Publisher: Cambridge University Press

ISBN: 9780521637695

Category: Business & Economics

Page: 288

View: 2214

This book provides a method for modeling large collections of heterogeneous agents subject to non-pairwise externality called field effects.
Posted in Business & Economics

Macroeconomics for Open Economies

Author: Syed Mansoob Murshed

Publisher: Cengage Learning EMEA

ISBN: 9780030990106

Category: Economic policy

Page: 210

View: 8788

Posted in Economic policy

Methods for Applied Macroeconomic Research

Author: Fabio Canova

Publisher: Princeton University Press

ISBN: 140084102X

Category: Business & Economics

Page: 512

View: 9344

The last twenty years have witnessed tremendous advances in the mathematical, statistical, and computational tools available to applied macroeconomists. This rapidly evolving field has redefined how researchers test models and validate theories. Yet until now there has been no textbook that unites the latest methods and bridges the divide between theoretical and applied work. Fabio Canova brings together dynamic equilibrium theory, data analysis, and advanced econometric and computational methods to provide the first comprehensive set of techniques for use by academic economists as well as professional macroeconomists in banking and finance, industry, and government. This graduate-level textbook is for readers knowledgeable in modern macroeconomic theory, econometrics, and computational programming using RATS, MATLAB, or Gauss. Inevitably a modern treatment of such a complex topic requires a quantitative perspective, a solid dynamic theory background, and the development of empirical and numerical methods--which is where Canova's book differs from typical graduate textbooks in macroeconomics and econometrics. Rather than list a series of estimators and their properties, Canova starts from a class of DSGE models, finds an approximate linear representation for the decision rules, and describes methods needed to estimate their parameters, examining their fit to the data. The book is complete with numerous examples and exercises. Today's economic analysts need a strong foundation in both theory and application. Methods for Applied Macroeconomic Research offers the essential tools for the next generation of macroeconomists.
Posted in Business & Economics