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Dynamic Economics
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Book Synopsis Economic Dynamics, second edition by : John Stachurski
Download or read book Economic Dynamics, second edition written by John Stachurski and published by MIT Press. This book was released on 2022-08-16 with total page 395 pages. Available in PDF, EPUB and Kindle. Book excerpt: The second edition of a rigorous and example-driven introduction to topics in economic dynamics that emphasizes techniques for modeling dynamic systems. This text provides an introduction to the modern theory of economic dynamics, with emphasis on mathematical and computational techniques for modeling dynamic systems. Written to be both rigorous and engaging, the book shows how sound understanding of the underlying theory leads to effective algorithms for solving real-world problems. The material makes extensive use of programming examples to illustrate ideas, bringing to life the abstract concepts in the text. Key topics include algorithms and scientific computing, simulation, Markov models, and dynamic programming. Part I introduces fundamentals and part II covers more advanced material. This second edition has been thoroughly updated, drawing on recent research in the field. New for the second edition: “Programming-language agnostic” presentation using pseudocode. New chapter 1 covering conceptual issues concerning Markov chains such as ergodicity and stability. New focus in chapter 2 on algorithms and techniques for program design and high-performance computing. New focus on household problems rather than optimal growth in material on dynamic programming. Solutions to many exercises, code, and other resources available on a supplementary website.
Download or read book Dynamic Economics written by Jerome Adda and published by MIT Press. This book was released on 2023-05-09 with total page 297 pages. Available in PDF, EPUB and Kindle. Book excerpt: An integrated approach to the empirical application of dynamic optimization programming models, for students and researchers. This book is an effective, concise text for students and researchers that combines the tools of dynamic programming with numerical techniques and simulation-based econometric methods. Doing so, it bridges the traditional gap between theoretical and empirical research and offers an integrated framework for studying applied problems in macroeconomics and microeconomics. In part I the authors first review the formal theory of dynamic optimization; they then present the numerical tools and econometric techniques necessary to evaluate the theoretical models. In language accessible to a reader with a limited background in econometrics, they explain most of the methods used in applied dynamic research today, from the estimation of probability in a coin flip to a complicated nonlinear stochastic structural model. These econometric techniques provide the final link between the dynamic programming problem and data. Part II is devoted to the application of dynamic programming to specific areas of applied economics, including the study of business cycles, consumption, and investment behavior. In each instance the authors present the specific optimization problem as a dynamic programming problem, characterize the optimal policy functions, estimate the parameters, and use models for policy evaluation. The original contribution of Dynamic Economics: Quantitative Methods and Applications lies in the integrated approach to the empirical application of dynamic optimization programming models. This integration shows that empirical applications actually complement the underlying theory of optimization, while dynamic programming problems provide needed structure for estimation and policy evaluation.
Book Synopsis Economic Dynamics in Discrete Time by : Jianjun Miao
Download or read book Economic Dynamics in Discrete Time written by Jianjun Miao and published by MIT Press. This book was released on 2014-09-19 with total page 737 pages. Available in PDF, EPUB and Kindle. Book excerpt: A unified, comprehensive, and up-to-date introduction to the analytical and numerical tools for solving dynamic economic problems. This book offers a unified, comprehensive, and up-to-date treatment of analytical and numerical tools for solving dynamic economic problems. The focus is on introducing recursive methods—an important part of every economist's set of tools—and readers will learn to apply recursive methods to a variety of dynamic economic problems. The book is notable for its combination of theoretical foundations and numerical methods. Each topic is first described in theoretical terms, with explicit definitions and rigorous proofs; numerical methods and computer codes to implement these methods follow. Drawing on the latest research, the book covers such cutting-edge topics as asset price bubbles, recursive utility, robust control, policy analysis in dynamic New Keynesian models with the zero lower bound on interest rates, and Bayesian estimation of dynamic stochastic general equilibrium (DSGE) models. The book first introduces the theory of dynamical systems and numerical methods for solving dynamical systems, and then discusses the theory and applications of dynamic optimization. The book goes on to treat equilibrium analysis, covering a variety of core macroeconomic models, and such additional topics as recursive utility (increasingly used in finance and macroeconomics), dynamic games, and recursive contracts. The book introduces Dynare, a widely used software platform for handling a range of economic models; readers will learn to use Dynare for numerically solving DSGE models and performing Bayesian estimation of DSGE models. Mathematical appendixes present all the necessary mathematical concepts and results. Matlab codes used to solve examples are indexed and downloadable from the book's website. A solutions manual for students is available for sale from the MIT Press; a downloadable instructor's manual is available to qualified instructors.
Book Synopsis Dynamic Programming in Economics by : Cuong Van
Download or read book Dynamic Programming in Economics written by Cuong Van and published by Springer Science & Business Media. This book was released on 2003-04-30 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dynamic Programming in Economics is an outgrowth of a course intended for students in the first year PhD program and for researchers in Macroeconomics Dynamics. It can be used by students and researchers in Mathematics as well as in Economics. The purpose of Dynamic Programming in Economics is twofold: (a) to provide a rigorous, but not too complicated, treatment of optimal growth models in infinite discrete time horizon, (b) to train the reader to the use of optimal growth models and hence to help him to go further in his research. We are convinced that there is a place for a book which stays somewhere between the "minimum tool kit" and specialized monographs leading to the frontiers of research on optimal growth.
Book Synopsis Methods of Dynamic Economics by : J. R. Hicks
Download or read book Methods of Dynamic Economics written by J. R. Hicks and published by Clarendon Press. This book was released on 1987-10-08 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital and Growth was published in 1965, and rapidly established itself as a landmark in economic theory. In this volume, Sir John takes his earlier work and examines it critically for its present-day value. The result is a substantially reworked book based on the first and best part of his 1965 publication. The theme, now more clearly identified, is a comparative study of the economics of change, and brings in many of Hicks's subsequent developments and refinements - in particular a 'neo-Austrian' theory of capital which he developed in Capital and Time(1973). A new chapter on Keynes's methods has been added. The sum is a more complete classification of the family of models appropriate for analysing dynamic economics.
Book Synopsis Dynamic Economics by : Gregory C. Chow
Download or read book Dynamic Economics written by Gregory C. Chow and published by Oxford University Press, USA. This book was released on 1997 with total page 249 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work presents the optimization framework for dynamic economics and treats a number of topics in economics, including growth, macroeconomics, microeconomics, finance and dynamic games. The book also teaches by examples, using concepts to solve simple problems, moving on to general propositions.
Book Synopsis Recursive Methods in Economic Dynamics by : Nancy L. Stokey
Download or read book Recursive Methods in Economic Dynamics written by Nancy L. Stokey and published by Harvard University Press. This book was released on 1989-10-10 with total page 607 pages. Available in PDF, EPUB and Kindle. Book excerpt: This rigorous but brilliantly lucid book presents a self-contained treatment of modern economic dynamics. Stokey, Lucas, and Prescott develop the basic methods of recursive analysis and illustrate the many areas where they can usefully be applied.
Book Synopsis Nonlinearities in Economics by : Giuseppe Orlando
Download or read book Nonlinearities in Economics written by Giuseppe Orlando and published by Springer Nature. This book was released on 2021-08-31 with total page 361 pages. Available in PDF, EPUB and Kindle. Book excerpt: This interdisciplinary book argues that the economy has an underlying non-linear structure and that business cycles are endogenous, which allows a greater explanatory power with respect to the traditional assumption that dynamics are stochastic and shocks are exogenous. The first part of this work is formal-methodological and provides the mathematical background needed for the remainder, while the second part presents the view that signal processing involves construction and deconstruction of information and that the efficacy of this process can be measured. The third part focuses on economics and provides the related background and literature on economic dynamics and the fourth part is devoted to new perspectives in understanding nonlinearities in economic dynamics: growth and cycles. By pursuing this approach, the book seeks to (1) determine whether, and if so where, common features exist, (2) discover some hidden features of economic dynamics, and (3) highlight specific indicators of structural changes in time series. Accordingly, it is a must read for everyone interested in a better understanding of economic dynamics, business cycles, econometrics and complex systems, as well as non-linear dynamics and chaos theory.
Book Synopsis Dynamic Macroeconomic Theory by : Thomas J. Sargent
Download or read book Dynamic Macroeconomic Theory written by Thomas J. Sargent and published by Harvard University Press. This book was released on 2009-06-01 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Modeling Dynamic Economic Systems by : Matthias Ruth
Download or read book Modeling Dynamic Economic Systems written by Matthias Ruth and published by Springer Science & Business Media. This book was released on 2012-02-08 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the dynamic processes in economic systems, concentrating on the extraction and use of the natural resources required to meet economic needs. Sections cover methods for dynamic modeling in economics, microeconomic models of firms, modeling optimal use of both nonrenewable and renewable resources, and chaos in economic models. This book does not require a substantial background in mathematics or computer science.
Book Synopsis Dynamic Optimization, Second Edition by : Morton I. Kamien
Download or read book Dynamic Optimization, Second Edition written by Morton I. Kamien and published by Courier Corporation. This book was released on 2013-04-17 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since its initial publication, this text has defined courses in dynamic optimization taught to economics and management science students. The two-part treatment covers the calculus of variations and optimal control. 1998 edition.
Book Synopsis Computational Methods for the Study of Dynamic Economies by : Ramon Marimon
Download or read book Computational Methods for the Study of Dynamic Economies written by Ramon Marimon and published by OUP Oxford. This book was released on 1999-03-04 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Mathematical Methods in Dynamic Economics by : A. Simonovits
Download or read book Mathematical Methods in Dynamic Economics written by A. Simonovits and published by Springer. This book was released on 2000-06-05 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contains a concise description of important mathematical methods of dynamics and suitable economic models. It covers discrete as well as continuous-time systems, linear and nonlinear models. Mixing traditional and modern materials, the study covers dynamics with and without optimization, naive and rational expectations, respectively. In addition to standard models of growth and cycles, the book also contains original studies on control of a multisector economy and expectations-driven multicohort economy. Numerous examples, problems (with solutions) and figures complete the book.
Book Synopsis An Introduction to Economic Dynamics by : Ronald Shone
Download or read book An Introduction to Economic Dynamics written by Ronald Shone and published by Cambridge University Press. This book was released on 2001-09-13 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is an examples-driven treatment of introductory economic dynamics for students with a basic familiarity of spreadsheets. Shone approaches the subject with the belief that true understanding of a subject can only be achieved by students themselves setting out a problem and manipulating it experimentally. Although all economics students now have access to spreadsheets, they are often used for little more than graphing economic data. This book encourages students to go several stages further and set up and investigate simple dynamic models. A web-site for students and instructors is included that contains an additional 100 questions for students and 100 for instructors.
Book Synopsis Dynamic Games in Economics by : Josef Haunschmied
Download or read book Dynamic Games in Economics written by Josef Haunschmied and published by Springer. This book was released on 2014-07-08 with total page 315 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dynamic game theory serves the purpose of including strategic interaction in decision making and is therefore often applied to economic problems. This book presents the state-of-the-art and directions for future research in dynamic game theory related to economics. It was initiated by contributors to the 12th Viennese Workshop on Optimal Control, Dynamic Games and Nonlinear Dynamics and combines a selection of papers from the workshop with invited papers of high quality.
Book Synopsis The New Dynamic Public Finance by : Narayana R. Kocherlakota
Download or read book The New Dynamic Public Finance written by Narayana R. Kocherlakota and published by Princeton University Press. This book was released on 2010-07-01 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: Optimal tax design attempts to resolve a well-known trade-off: namely, that high taxes are bad insofar as they discourage people from working, but good to the degree that, by redistributing wealth, they help insure people against productivity shocks. Until recently, however, economic research on this question either ignored people's uncertainty about their future productivities or imposed strong and unrealistic functional form restrictions on taxes. In response to these problems, the new dynamic public finance was developed to study the design of optimal taxes given only minimal restrictions on the set of possible tax instruments, and on the nature of shocks affecting people in the economy. In this book, Narayana Kocherlakota surveys and discusses this exciting new approach to public finance. An important book for advanced PhD courses in public finance and macroeconomics, The New Dynamic Public Finance provides a formal connection between the problem of dynamic optimal taxation and dynamic principal-agent contracting theory. This connection means that the properties of solutions to principal-agent problems can be used to determine the properties of optimal tax systems. The book shows that such optimal tax systems necessarily involve asset income taxes, which may depend in sophisticated ways on current and past labor incomes. It also addresses the implications of this new approach for qualitative properties of optimal monetary policy, optimal government debt policy, and optimal bequest taxes. In addition, the book describes computational methods for approximate calculation of optimal taxes, and discusses possible paths for future research.
Book Synopsis Dynamic Macroeconomics by : Peter Flaschel
Download or read book Dynamic Macroeconomics written by Peter Flaschel and published by MIT Press. This book was released on 1997 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt: An attempt to revitalize the traditions of nonmarket clearing approaches to macroeconomics. Using tools from dynamic analysis, the text introduces a consistent, integrated framework for disequilibrium macroeconomic dynamics and explore its relationship to the competing equilibrium dynamics.
