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Essays On Dynamic General Equilibrium Economies
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Book Synopsis Essays in Dynamic General Equilibrium Theory by : Alessandro Citanna
Download or read book Essays in Dynamic General Equilibrium Theory written by Alessandro Citanna and published by Springer Science & Business Media. This book was released on 2006-01-11 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the area of dynamic economics, David Cass’s work has spawned a number of important lines of research, including the study of dynamic general equilibrium theory, the concept of sunspot equilibria, and general equilibrium theory when markets are incomplete. Based on these contributions, this volume contains new developments in the field, written by Cass's students and co-authors.
Book Synopsis Essays on Dynamic General Equilibrium Economies by : Benjamin A. Malin
Download or read book Essays on Dynamic General Equilibrium Economies written by Benjamin A. Malin and published by . This book was released on 2006 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Flawed Foundations of General Equilibrium Theory by : Frank Ackerman
Download or read book The Flawed Foundations of General Equilibrium Theory written by Frank Ackerman and published by Routledge. This book was released on 2004-06-24 with total page 237 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, as the title suggests, explains how General equilibrium, the dominant conceptual framework in mainstream economics, describes a perfectly impossible world. Even with its counterfactual assumptions taken for granted, it fails on many levels. Under the impressive editorship of Ackerman and Nadal, this book will appeal to students and researchers in economics and related social science disciplines.
Book Synopsis Essays in Dynamic General Equilibrium by : Dân Vuʺ Cao
Download or read book Essays in Dynamic General Equilibrium written by Dân Vuʺ Cao and published by . This book was released on 2010 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis consists of three chapters studying dynamic economies in general equilibrium. The first chapter considers an economy in business cycles with potentially imperfect financial markets. The second chapter investigates an economy in its balanced growth path with heterogeneous firms. The third chapter analyzes dynamic competitions that these firms are potentially engaged in. The first chapter, "Asset Price and Real Investment Volatility with Heterogeneous Beliefs," sheds light on the role of imperfect financial markets on the economic and financial crisis 2007-2008. This crisis highlights the role of financial markets in allowing economic agents, including prominent banks, to speculate on the future returns of different financial assets, such as mortgage-backed securities. I introduce a dynamic general equilibrium model with aggregate shocks, potentially incomplete markets and heterogeneous agents to investigate this role of financial markets. In addition to their risk aversion and endowments, agents differ in their beliefs about the future aggregate states of the economy. The difference in beliefs induces them to take large bets under frictionless complete financial markets, which enable agents to leverage their future wealth. Consequently, as hypothesized by Friedman (1953), under complete markets, agents with incorrect beliefs will eventually be driven out of the markets. In this case, they also have no influence on asset prices and real investment in the long run. In contrast, I show that under incomplete markets generated by collateral constraints, agents with heterogeneous (potentially incorrect) beliefs survive in the long run and their speculative activities drive up asset price volatility and real investment volatility permanently. I also show that collateral constraints are always binding even if the supply of collateralizable assets endogenously responds to their price. I use this framework to study the effects of different types of regulations and the distribution of endowments on leverage, asset price volatility and investment. Lastly, the analytical tools developed in this framework enable me to prove the existence of the recursive equilibrium in Krusell and Smith (1998) with a finite number of types. This has been an open question in the literature. The second chapter, "Innovation from Incumbents and Entrants," is a joint work with Daron Acemoglu. We propose a simple modification of the basic Schumpeterian endogenous growth models, by allowing incumbents to undertake innovations to improve their products. This model provides a tractable framework for a simultaneous analysis of entry of new firms and the expansion of existing firms, as well as the decomposition of productivity growth between continuing establishments and new entrants. One lesson we learn from this analysis is that, unlike in the basic Schumpeterian models, taxes or entry barriers on potential entrants might increase economic growth. It is the outcome of the greater productivity improvements by incumbents in response to reduced entry, which outweighs the negative effect of the reduction in creative destruction. As the model features entry of new firms and expansion and exit of existing firms, it also generates an equilibrium firm size distribution. We show that the stationary firm size distribution is Pareto with an exponent approximately equal to one (the so-called "Zipf distribution"). The third chapter, "Racing: when should we handicap the advantaged competitor?" studies dynamic competitions, for example R & D competitions used in the second chapters. Two competitors with different abilities engage in a winner-take-all race; should we handicap the advantaged competitor in order to reduce the expected completion time of the race? I show that if the discouragement effect is strong, i.e., both competitors are discouraged from exerting effort when it becomes more certain who will win the race, we should handicap the advantaged. We can handicap him either by reducing his ability or by offering him a lower reward if he wins. Doing so induces higher effort not only from the disadvantaged competitor because of his higher incentive from a higher chance of winning the race but also from the advantaged competitor because of their strategic interactions. Therefore, the expected completion time is strictly shortened. To prove the existence and uniqueness of the equilibria (including symmetric and asymmetric equilibria) that leads to the conclusion, I use a boundary value problem formulation which is novel to the dynamic competition literature. In some cases, I obtain closed-form solutions of the equilibria.
Book Synopsis Essays on Dynamic General Equilibrium Models by : Jianjun Miao
Download or read book Essays on Dynamic General Equilibrium Models written by Jianjun Miao and published by . This book was released on 2003 with total page 170 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Political Economy Using Dynamic General Equilibrium Models by : Lardo Stander
Download or read book Essays on Political Economy Using Dynamic General Equilibrium Models written by Lardo Stander and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This PhD thesis aims to look at four major issues in political economy and macroeconomics, namely, tax evasion, spirit of capitalism, globalisation and production structures involving delayed effects of inputs in dynamic general equilibrium models. These issues are of importance to any economy, but more so to an emerging economy like South Africa. The thesis will not only aim to obtain optimal policy responses in the presence of such distortions (deviations from the traditional Neoclassical world), but will also analyse the effects of these distortions on the growth and welfare of the economy. The thesis aims to have four separate papers based on dynamic general equilibrium (DGE) models: The first paper would aim to explain theoretically why tax evasion might depend on the level of financial development and the inflation rate in the economy. And then, it would try and test whether our proposed theoretical linkage holds in the data using panel data of 150 countries covering the period of 1980-2009. General equilibrium models that include the spirit of capitalism shows a positive relationship between growth and inflation aÌ22́Ơ0́− something unobserved in the data. The literature has tried to reconcile this theoretical and empirical mismatch by introducing human capital, cash-in-advance constraints applying to only specific kind of (non-productive) goods, etc. In the second paper, we, however, aim to show that a simpler way of achieving the negative inflationaÌ22́Ơ0́−growth relationship would be to introduce a banking system in the model subjected to cash reserve requirements. The third paper examines the effect of openness on economic growth, given a human capital accumulation function that captures the marginal benefit of knowledge spillovers in an economy. Two opposing effects are highlighted aÌ22́Ơ0́− one a positive effect from the increase in human capital on growth, the other a negative effect through an increase in seigniorage taxes aÌ22́Ơ0́− that would suggest there is a threshold value of openness, beyond which the impact of opening the economy even more becomes negative for economic growth. The fourth paper would aim to indicate that in the presence of lagged inputs, and especially lagged capital input, in the production structure of an economy, an inflation targeting country might experience aÌ22́Ơ¿3chaoticaÌ22́Ơ℗+ growth behaviour if the inflation target is set too high.
Book Synopsis Equilibrium and Dynamics by : Mukul Majumdar
Download or read book Equilibrium and Dynamics written by Mukul Majumdar and published by Springer. This book was released on 1992-06-18 with total page 374 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the last 40 years, Professor David Gale has played a leading role in developing two themes of fundamental importance to economic theory. As a tribute to his creative research, this volume contains contributions from some leading researchers who explore different directions in these areas.
Book Synopsis General Equilibrium, Growth, and Trade by : Jerry R. Green
Download or read book General Equilibrium, Growth, and Trade written by Jerry R. Green and published by Academic Press. This book was released on 2014-05-10 with total page 422 pages. Available in PDF, EPUB and Kindle. Book excerpt: General Equilibrium, Growth, and Trade: Essays in Honor of Lionel McKenzie provides information pertinent to the three main areas of Professor McKenzie's scientific research, namely, international trade, economic growth, and general equilibrium theory. This book highlights the main aspects of McKenzie's work. Organized into three parts encompassing 21 chapters, this book begins with an overview of the regularizing effects of aggregation over nonregular microrelations. This text then examines the theory of a multiperiod monopolist incurring nonseparable labor adjustment costs, which is developed when investment is irreversible. Other chapters consider the behavior of a price-maker in a competitive market as a preliminary step to a more complete analysis of pure competition. This book discusses as well the effects of uncertainty on optimal decisions, which constitutes an increasingly essential area of economic research. The final chapter deals with the general equilibrium macroeconomic model. This book is a valuable resource for economists and economic theorists.
Book Synopsis Essays on Public Finance and Economic Growth Using Dynamic General Equilibrium Models by : Emmanuel Ziramba
Download or read book Essays on Public Finance and Economic Growth Using Dynamic General Equilibrium Models written by Emmanuel Ziramba and published by . This book was released on 2008 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Sunspots and Non-Linear Dynamics by : Kazuo Nishimura
Download or read book Sunspots and Non-Linear Dynamics written by Kazuo Nishimura and published by Springer. This book was released on 2016-12-03 with total page 405 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents the state-of-the-art in non-linear dynamics and sunspots. These two topics have been the core of an international conference on instability and public policies in a globalized world, organized at Aix-Marseille School of Economics and GREQAM in honor of Jean-Michel Grandmont. He has made significant contributions on general equilibrium theory, monetary theory, learning, aggregation, non-linear dynamics and sunspots. This book assembles contributions by Jean-Michel Grandmont's colleagues, students and friends that have been influenced by his works and that are at the frontier of research in this domain today.
Book Synopsis Equilibrium, Markets and Dynamics by : Cars H. Hommes
Download or read book Equilibrium, Markets and Dynamics written by Cars H. Hommes and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contains essays in honour of Claus Weddepohl who, after 22 years, is retiring as professor of mathematical economics at the Department of Quantitative Economics of the University of Amsterdam. Claus Weddepohl may be viewed as th~ first Dutch mathematical economist in the general equi librium tradition of Arrow, Debreu and Hahn. The essays in this book are centered around the themes Equilibrium, Markets and Dynamics, that have been at the heart of Weddepohl's work on mathematical economics for more than three decades. The essays have been classified according to these three themes. Admittedly such a classification always is somewhat arbitrary, and most essays would in fact fit into two or even all three themes. The essays have been written by international as well as Dutch friends and colleagues including Weddepohl's former Ph. D. students. The book starts with a review of Claus Weddepohl's work by Roald Ramer, who has been working with him in Amsterdam for all those years. The review describes how Weddepohl became fascinated by general equilibrium theory in the early stages of his career, how he has been working on the theory of markets throughout his career, and how he turned to applications of nonlinear dynamics to price adjustment processes in a later stage of his career. The first part of the book, Equilibrium, collects essays with general equilib rium theory as the main theme.
Book Synopsis Environmental Economics and Computable General Equilibrium Analysis by : John R. Madden
Download or read book Environmental Economics and Computable General Equilibrium Analysis written by John R. Madden and published by Springer Nature. This book was released on 2020-07-11 with total page 417 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book addresses major issues such as a growing world energy demand, environmental degradation due to anthropogenic greenhouse gas (GHG) emission, and risk management of disastrous events such as pandemics, abnormal climate, and earthquakes. Using cutting-edge analytical tools, particularly computable general equilibrium (CGE) modelling, the analyses are focused on a very wide range of policy-relevant economic questions for the Asia-Pacific region, especially for Japan, China, India, Vietnam, and smaller nations, including Brunei, Timor Leste, and Fiji. The first part considers (a) the effects of climate change on agriculture sectors, energy policies, and future GHG emission trends, (b) adaptation to climate changes in energy policy and its impacts on the economies, and (c) risk management of catastrophic events such as global pandemics. The second part examines (a) energy environmental issues, (b) economic impacts of natural disaster and depopulation, and (c) effects of informatics development on risk management, using CGE modelling and other methods in regional science fields. Contributors are internationally active leading CGE modellers and environmental economists. The book should be greatly beneficial for scholars and graduate students as well as policy makers who are interested in the economic effects and management of risks relating to climate change and disastrous events.
Book Synopsis Three Essays on Dynamic General Equilibrium Models by : Ippei Fujiwara
Download or read book Three Essays on Dynamic General Equilibrium Models written by Ippei Fujiwara and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Dynamic Computable General Equilibrium Models by : Tobias Nyborg Rasmussen
Download or read book Dynamic Computable General Equilibrium Models written by Tobias Nyborg Rasmussen and published by . This book was released on 2001 with total page 165 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Economic Analysis of Markets and Games by : Partha Dasgupta
Download or read book Economic Analysis of Markets and Games written by Partha Dasgupta and published by MIT Press. This book was released on 1992 with total page 666 pages. Available in PDF, EPUB and Kindle. Book excerpt: These original essays focus on a wide range of topics related to Frank Hahn'sdistinguished work in economics. Ranging from market analysis and game theory to the microeconomicfoundations of macroeconomics and from equilibrium and optimality with missing markets to economicsand society, they reflect the diversity of modem research in economic theory. What distinguishesHahn's work and many of the essays in this book is that the motivation often comes from practicalconcerns about unemployment, savings and investment, poverty, or the stability of markets.The essaysin Part I deal with the microeconomic foundations of macroeconomics - a field in which Hahn has madeimportant contributions, most notably in the theory of monetary economics. Topics include anevaluation of Hahn's contribution to the theory of distribution and such macroeconomic themes ascoordination failure, multiple equilibria, and strategic issues.Part II contains recentcontributions to game theory reflecting Hahn's interest in the question of what is rationalbehavior. The essays in Part III concentrate on general-equilibrium theory with missing markets, afield in which Hahn has made major advances. Although the essays address a different set of issues,they share with Hahn's works such themes as market failure, indeterminacy of equilibrium, and therole of money.Partha Dasgupta is Professor of Economics at Cambridge University. Douglas Gale isProfessor of Economics at Boston University. Oliver Hart is Professor of Economics at theMassachusetts Institute of Technology. Eric Maskin is Professor of Economics at HarvardUniversity.
Book Synopsis General Equilibrium Models of Monetary Economies by : Ross M. Starr
Download or read book General Equilibrium Models of Monetary Economies written by Ross M. Starr and published by Academic Press. This book was released on 2014-05-10 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt: General Equilibrium Models of Monetary Economies: Studies in the Static Foundations of Monetary Theory is a collection of essays that addresses the integration of the theory of money and the theory of value by using a mathematical general equilibrium theory. The papers discuss monetary theory, microeconomic theory, bilateral trade, transactions costs, intertemporal allocation, and the value of money. The Arrow-Debreu model of Walrasian general equilibrium theory provides a framework to represent money as a device for facilitating trade among economic agents without the use of money as a medium of exchange and as a store of value. The essays analyze the rationale for using a medium of exchange, for using a store of value, and for holding of idle balances in equilibrium. The essays show that by explicit modeling of the structure and difficulties of trade, a powerful class of models which deny money and finance a role in the economy, has by itself shown to have provided the foundation for the structures of trade. The collection will prove helpful for economists, statistician, mathematicians, students or professors of economics and business.
Author :Krishnendu Ghosh Dastidar Publisher :Oxford University Press, USA ISBN 13 :9780198073970 Total Pages :0 pages Book Rating :4.0/5 (739 download)
Book Synopsis Dimensions of Economic Theory and Policy by : Krishnendu Ghosh Dastidar
Download or read book Dimensions of Economic Theory and Policy written by Krishnendu Ghosh Dastidar and published by Oxford University Press, USA. This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores various aspects of economic theory and quantitative techniques as well as their applications and relevance to policymaking.
