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Synopsis
Presents various methods for computing the dynamics of general equilibrium models
In part I, the representative-agent stochastic growth model is solved with the help of value function iteration, linear and linear quadratic approximation methods, parameterised expectations and projection methods
In order to apply these methods, fundamentals from numerical analysis are reviewed in detail
Part II discusses methods for solving heterogeneous-agent economies
"synopsis" may belong to another edition of this title.
From the Back Cover
Modern business cycle theory and growth theory uses stochastic dynamic general equilibrium models. In order to solve these models, economists need to use many mathematical tools. This book presents various methods in order to compute the dynamics of general equilibrium models.
In part I, the representative-agent stochastic growth model is solved with the help of value function iteration, linear and linear quadratic approximation methods, parameterised expectations and projection methods. In order to apply these methods, fundamentals from numerical analysis are reviewed in detail.
In part II, the authors discuss methods in order to solve heterogeneous-agent economies. This part of the book also serves as an introduction to the modern theory of distribution economics. Applications include the dynamics of the income distribution over the business cycle or the demographic transition in a large-scale overlapping generations model.
In an accompanying home page to this book, computer codes to all applications can be downloaded.
"This is perhaps the perfect book to learn how to solve quantitative macroeconomics models. Its balance between theory, choice of models, computational insights and use of examples make it an excellent teaching tool. One of the very few books a professional macroeconomist should have: I always learn something important when I consult it."
José-Víctor Ríos Rull, University of Minnesota
"This book not only does an excellent job in explaining the existing tools, but it also teaches the reader on how to write her/his own programs and it provides the reader with the tools to help advance the state of the art of dynamic macroeconomics. "
Wouter J. Den Haan, University of Amsterdam
"This is an excellent book for economists who do quantitative research. It will be an invaluable teaching tool for graduate macroeconomic courses."
Ayse Imrohoroglu, University of Southern California
"… provides the reader with exactly the necessary computational tools to solve the dynamic general equilibrium models macroeconomists care about. It is therefore the perfect complement to Stokey, Lucas and Prescott's and Sargent and Ljungqvist's theoretical treatment of modern macroeconomics."
Dirk Krueger, University of Pennsylvania
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- PublisherSpringer
- Publication date2009
- ISBN 10 364203148X
- ISBN 13 9783642031489
- BindingPaperback
- LanguageEnglish
- Edition number2
- Number of pages736
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Dynamic General Equilibrium Modeling
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Taschenbuch. Condition: Neu. Neuware -Modern business cycle theory and growth theory uses stochastic dynamic general equilibrium models. In order to solve these models, economists need to use many mathematical tools. This book presents various methods in order to compute the dynamics of general equilibrium models. In part I, the representative-agent stochastic growth model is solved with the help of value function iteration, linear and linear quadratic approximation methods, parameterised expectations and projection methods. In order to apply these methods, fundamentals from numerical analysis are reviewed in detail. In particular, the book discusses issues that are often neglected in existing work on computational methods, e.g. how to find a good initial value.In part II, the authors discuss methods in order to solve heterogeneous-agent economies. In such economies, the distribution of the individual state variables is endogenous. This part of the book also serves as an introduction to the modern theory of distribution economics. Applications include the dynamics of the income distribution over the business cycle or the overlapping-generations model.In an accompanying home page to this book, computer codes to all applications can be downloaded. 702 pp. Englisch. Seller Inventory # 9783642031489
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Dynamic General Equilibrium Modeling
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Springer, Berlin, Springer Berlin Heidelberg, Springer Aug 2009, 2009
ISBN 10: 364203148X
ISBN 13: 9783642031489
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Taschenbuch. Condition: Neu. Neuware -Modern business cycle theory and growth theory uses stochastic dynamic general equilibrium models. In order to solve these models, economists need to use many mathematical tools. This book presents various methods in order to compute the dynamics of general equilibrium models. In part I, the representative-agent stochastic growth model is solved with the help of value function iteration, linear and linear quadratic approximation methods, parameterised expectations and projection methods. In order to apply these methods, fundamentals from numerical analysis are reviewed in detail. In particular, the book discusses issues that are often neglected in existing work on computational methods, e.g. how to find a good initial value.In part II, the authors discuss methods in order to solve heterogeneous-agent economies. In such economies, the distribution of the individual state variables is endogenous. This part of the book also serves as an introduction to the modern theory of distribution economics. Applications include the dynamics of the income distribution over the business cycle or the overlapping-generations model.In an accompanying home page to this book, computer codes to all applications can be downloaded. 702 pp. Englisch. Seller Inventory # 9783642031489
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Dynamic General Equilibrium Modeling
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Condition: New. Introduction to the use of numerical methods for solving dynamic general equilibrium modelsApplicable to the models most widely used in modern macroeconomics / monetary economicsAlgorithms and program codes provided on an accompanying websi. Seller Inventory # 5043902
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Taschenbuch. Condition: Neu. Neuware - Modern business cycle theory and growth theory uses stochastic dynamic general equilibrium models. In order to solve these models, economists need to use many mathematical tools. This book presents various methods in order to compute the dynamics of general equilibrium models. In part I, the representative-agent stochastic growth model is solved with the help of value function iteration, linear and linear quadratic approximation methods, parameterised expectations and projection methods. In order to apply these methods, fundamentals from numerical analysis are reviewed in detail. In particular, the book discusses issues that are often neglected in existing work on computational methods, e.g. how to find a good initial value.In part II, the authors discuss methods in order to solve heterogeneous-agent economies. In such economies, the distribution of the individual state variables is endogenous. This part of the book also serves as an introduction to the modern theory of distribution economics. Applications include the dynamics of the income distribution over the business cycle or the overlapping-generations model.In an accompanying home page to this book, computer codes to all applications can be downloaded. Seller Inventory # 9783642031489
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