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Market Behaviour and Macroeconomic Modelling by Simon Kuipers,Steven Brakman,Hans Van Ees Pdf
Market Behaviour and Macroeconomic Modelling discusses several state-of-the-art developments in the modelling approach to market behaviour in macroeconomic modelling. Leading experts in this field, deal with the implications of market imperfections in commodity markets, capital markets and labour markets for macroeconomic modelling and stabilization policy. They demonstrate that incorporating market imperfections leads to very different policy recommendations than those derived from the standard perfect competition model.
The Endogenization of Government Behaviour in Macroeconomic Models by Bern C.J. van Velthoven Pdf
In chapter 2 we concluded that the present public choice and marxist approaches to the study of political processes, as far as relevant for the analysis of economic policy making, are unsatisfactory, for reasons of incoherency, insufficient empirical support, and lack of specificity~ It was suggested that a different approach to the subject might be fruitful. To that purpose, we now turn our attention to the so-called interest function approach to the study of politico-economic phenomena, that has been developed by Van Winden (1983). See also Van Winden (1987), Van Velthoven and Van Winden (1986). Without paying too much attention to the specific conduct of and intricate relationships between voters, politicians, bureaucrats and interest groups, the interest function approach intends to combine valuable elements of the marxist and public choice analyses. According to Van Winden (1983, p. 12) "this means that in studying the interaction between state and private sector, attention should be paid to: - social classes, and the impact of class/power relationships on political and economic processes; - the way that social power structures (involving the real control over state activities) are maintained or altered; - the relative autonomy of political processes (involving the state) and its consequences for, as well as its dependence on economic processes; - individual motivations; - the possibility of mathematical formalization. " Section 3. 2. will give a general introduction to the concepts and the line of argument of the interest function approach.
Macroeconomic Modelling in a Changing World by Christopher Allen,Chris Allen,Stephen Hall Pdf
Macroeconomic Modelling in a Changing World Towards a Common Approach Edited by Chris Allen and Stephen Hall Practical economic model building has changed enormously over the last twenty years. Econometrics has become much more sophisticated with the introduction of cointegration and non-stationary time series analysis. The use of economic theory in the form of complex non-linear cross equation restrictions is now much more widespread and the explicit modelling of expectations and credibility effects is more satisfactory. This has meant that the old style macroeconomic models which were complex by virtue of their size alone have been replaced by a generation of new models which embody complex theory and estimation to provide more superior forecasting and policy tools. Macroeconomic Modelling in a Changing World outlines the modelling approach which has been adopted at the Centre for Economic Forecasting at the London Business School, one of the world’s leading research institutes into macroeconomic modelling, in building its own models. Using explicit examples and illustrations, the authors examine the latest state-of-the-art models, and answer questions such as: How are modern econometrics used by model builders? How should we deal with structural change? How should expectations be modelled? How are models used in practice? Economics
Challenges for Macroeconomic Modelling by W. Driehuis,M.M.G. Fase,H. den Hartog Pdf
This book collects the revised and edited proceedings of the conference held in honour of the 50th anniversary of Professor Tinbergen's first macroeconomic policy model. Written by experts both in the field of model building and policy analysis, the contributions provide an invaluable overview of the state of the art and the use of macroeconomic models in our time.
Aggregate Demand and Supply by B. Bhaskara Rao Pdf
'I wish Professor Rao and his collaborators every success in ensuring that future generations of students do not have to put up with logically incoherent foundations to their understanding of modern economic systems' - G.C. Harcourt, Jesus College, Cambridge There is now an increasing realisation that the popular textbook macroeconomic model of aggregate demand and supply is logically incorrect. While there is a broad agreement among the critiques on these logical flaws there has been no such agreement on how the basic textbook macromodel should be modified. The essays in this volume contain very promising alternative models which will significantly influence the way macroeconomics will be taught in the future.
Dynamic Macroeconomic Models in Emerging Market Economies by Daniel Lukui Jia Pdf
This book summarizes the evolution of modern macroeconomics (New Consensus Macroeconomics, NCM) and proposes a new approach to theoretical and empirical analysis, which is based on a recently developed dynamic stochastic general equilibrium (DSGE) model. Dynamic macroeconomic analysis in emerging market economies is challenging, and of growing importance in the global economy, where emerging markets are becoming more and more influential. Clearly, a deeper understanding of the inner workings of emerging economies, particularly with respect to their socioeconomic structure and the urbanization process, is needed. The book’s extends the NCM/DSGE model to better account for significant economic and social features in emerging market economies. In particular, household heterogeneities and social stratification are explicitly incorporated into the framework proposed here, substantially enhancing the comprehensiveness of the model economy, and allowing it to better account for underlying social structure in emerging economies. Furthermore, financial and housing markets have not been considered sufficiently in either the advanced or emerging economy literature, an oversight this book remedies. As such, it makes an original and valuable contribution to the field, and a direction for future research.
A Course in Macroeconomic Modelling and Forecasting by John D. Whitley Pdf
This textbook is a thorough introduction to the theory and practice of macroeconomic modelling. It provides a rigorous exposition of the theory of modelling and examines the main UK and European macroeconomic models. Policy-relevant conclusions are drawn from the models, including new areas such as wealth effects and rational expectations. The text compares UK macroeconomic models with key US and European models, with an emphasis on policy analysis and the ERM.
Macroeconomic Modelling by S.G. Hall,S.G.B. Henry Pdf
This book arose out of research carried out by the authors in the period 1983-1987 whilst at the National Institute of Economic and Social Research. A number of things combined to impart the basic thrust of the research: partly the developments in formulating and estimating rational expectations models, and partly actual developments in the UK economy itself.An application of recent developments in dynamic modelling to a complete macroeconometric model of the UK is presented. Rational expectations modelling, co-integration and disequilibrium modelling are covered. The book also develops computational procedures for obtaining efficient solutions to large-scale models, and illustrates model solutions assuming rational expectations and stochastic simulations. Finally, sections on the analysis of models using optimal control methods illustrate applications of a large-scale econometric model. This section also discusses policy applications, including the derivation of time-consistent policies in the presence of rational expectations, giving quantified illustrations.
Analyses in Macroeconomic Modelling by Andrew Hughes Hallett,Peter McAdam Pdf
Macroeconomic Modelling has undergone radical changes in the last few years. There has been considerable innovation in developing robust solution techniques for the new breed of increasingly complex models. Similarly there has been a growing consensus on their long run and dynamic properties, as well as much development on existing themes such as modelling expectations and policy rules. This edited volume focuses on those areas which have undergone the most significant and imaginative developments and brings together the very best of modelling practice. We include specific sections on (I) Solving Large Macroeconomic Models, (II) Rational Expectations and Learning Approaches, (III) Macro Dynamics, and (IV) Long Run and Closures. All of the contributions offer new research whilst putting their developments firmly in context and as such will influence much future research in the area. It will be an invaluable text for those in policy institutions as well as academics and advanced students in the fields of economics, mathematics, business and government. Our contributors include those working in central banks, the IMF, European Commission and established academics.
Understanding Macroeconomic Theory by Bradley T. Ewing,John M. Barron,Gerald J. Lynch Pdf
This book fills the gap between intermediate and advanced graduate level books Contains more pedagogy than is customary for an advanced undergraduate text Explores contemporary theory in macroeconomics including new and endogenous growth theory, real business cycles, New Classical and New Keynesian Macroeconomics as well as the role of exchange rates
Income Distribution in Macroeconomic Models by Giuseppe Bertola,Reto Foellmi,Josef Zweimüller Pdf
This book looks at the distribution of income and wealth and the effects that this has on the macroeconomy, and vice versa. Is a more equal distribution of income beneficial or harmful for macroeconomic growth, and how does the distribution of wealth evolve in a market economy? Taking stock of results and methods developed in the context of the 1990s revival of growth theory, the authors focus on capital accumulation and long-run growth. They show how rigorous, optimization-based technical tools can be applied, beyond the representative-agent framework of analysis, to account for realistic market imperfections and for political-economic interactions. The treatment is thorough, yet accessible to students and nonspecialist economists, and it offers specialist readers a wide-ranging and innovative treatment of an increasingly important research field. The book follows a single analytical thread through a series of different growth models, allowing readers to appreciate their structure and crucial assumptions. This is particularly useful at a time when the literature on income distribution and growth has developed quickly and in several different directions, becoming difficult to overview.
Macroeconomic Modelling of the Long Run by Colin P. Hargreaves Pdf
This important book presents new original material on the economic modelling of the long run by some of the world's leading economists. There is great interest now in modelling the 'long run' occasioned by substantial changes to the supply side of the world economy (the break up of the USSR, Europe 1992, the Gulf War) and also fears over the sustainability of external debt positions. New techniques have arisen to address these issues, in particular supply side modelling and the new co-integration methodology for statistical analysis of the long run. In addition to explaining the theoretical developments, this book presents many practical applications showing the value of the new techniques. This book will be essential reading for economic researchers and advanced students of macroeconomics.
The Econometrics of Macroeconomic Modelling by Gunnar Bårdsen,Øyvind Eitrheim,Eilev S. Jansen Pdf
This work describes how the discipline has adapted to changing demands by adopting new insights from economic theory and by taking advantage of the methodological and conceptual advances within time series econometrics.
