The Integration Of Macro And Microeconomic Relations In Dynamic Policy Models

Author : Ary Lars Bovenberg
Publisher : International Monetary Fund
Page : 24 pages
File Size : 40,9 Mb
Release : 1990-04-01
Category : Business & Economics
ISBN : 9781451978759

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The Integration of Macro and Microeconomic Relations in Dynamic Policy Models by Ary Lars Bovenberg Pdf

This paper examines how two types of fiscal policy models, namely, dynamic macroeconomic models and applied general equilibrium models, have integrated macro- and microeconomic relationships within a framework of intertemporal equilibrium. After emphasizing the potential advantages of integrating macro- and microeconomic relations, the study discusses the limitations of intertemporal equilibrium models--in particular the weaknesses of saving and investment theories incorporated in the models. It concludes that, despite recent important advances, policymakers need to exercise caution when they interpret results derived from these models.

Author : A. Lans Bovenberg
Publisher : Unknown
Page : 24 pages
File Size : 43,9 Mb
Release : 2006
Category : Electronic
ISBN : OCLC:1291212428

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The Integration of Macro- and Microeconomic Relations in Dynamic Policy Models by A. Lans Bovenberg Pdf

This paper examines how two types of fiscal policy models, namely, dynamic macroeconomic models and applied general equilibrium models, have integrated macro- and microeconomic relationships within a framework of intertemporal equilibrium. After emphasizing the potential advantages of integrating macro- and microeconomic relations, the study discusses the limitations of intertemporal equilibrium models--in particular the weaknesses of saving and investment theories incorporated in the models. It concludes that, despite recent important advances, policymakers need to exercise caution when they interpret results derived from these models.

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 292 pages
File Size : 55,8 Mb
Release : 1990-01-01
Category : Business & Economics
ISBN : 9781451973068

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IMF Staff papers, Volume 37 No. 3 by International Monetary Fund. Research Dept. Pdf

This paper analyzes macroeconomic effects of projected population aging in industrial countries. The effects of population aging are examined with a theoretical model and simulations of the IMF’s multiregion econometric model (MULTIMOD). The study highlights that an older population will consume more of aggregate disposable income, require higher government expenditure, and decrease labor supply. These effects should raise real interest rates and lower capital stock and output. Effects on current balances will depend on the relative speed and extent of aging.

Author : Pedro Garcia Duarte,Gilberto Tadeu Lima
Publisher : Edward Elgar Publishing
Page : 257 pages
File Size : 40,7 Mb
Release : 2012-01-01
Category : Business & Economics
ISBN : 9781781004104

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Microfoundations Reconsidered by Pedro Garcia Duarte,Gilberto Tadeu Lima Pdf

Most macroeconomists agree that we live in the age of microfoundations. The recent worldwide financial crisis may have emboldened critics of this microfoundational orthodoxy, but it remains the dominant view that macroeconomic models must go beyond supply and demand functions to the level of individual decision-making, taking into account the general dynamic environment where agents live. Microfoundations Reconsidered seeks to reassess how the relationship of micro and macroeconomics evolved over time. The highly regarded contributors to the book argue that the standard narrative of microfoundations is likely to be unreliable. They therefore re-examine the history of the relationship of microeconomics and macroeconomics, starting from their emergence as self-consciously distinct fields within economics in the early 1930s. They seek to go beyond the conventional history that is often told and written by practicing economists. From different perspectives they challenge the association of microfoundations with Robert Lucas and rational expectations and offer both a more complete and a deeper reading of the relationship between micro and macroeconomics. Microfoundations Reconsidered is a valuable addition to the macroeconomic research literature. It is ideally suited to students, scholars, researchers, and practitioners with an interest in macro and microeconomics and the history of economics.

Author : Thomas J. Sargent
Publisher : Unknown
Page : 392 pages
File Size : 41,6 Mb
Release : 1987-02-27
Category : Business & Economics
ISBN : STANFORD:36105000296801

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Dynamic Macroeconomic Theory by Thomas J. Sargent Pdf

Describes the general equilibrium models that have been built to help interpret time series observations of economic aggregates and predicts the consequence of alternative government interventions.

Author : Anonim
Publisher : Unknown
Page : 68 pages
File Size : 52,5 Mb
Release : 1986-10
Category : International finance
ISBN : STANFORD:36105061820176

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IMF Working Papers and Papers on Policy Analysis and Assessment by Anonim Pdf

Author : Mario Forni,Marco Lippi
Publisher : Oxford University Press
Page : 264 pages
File Size : 41,7 Mb
Release : 1997
Category : Business & Economics
ISBN : 019828800X

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Aggregation and the Microfoundations of Dynamic Macroeconomics by Mario Forni,Marco Lippi Pdf

Through careful methodological analysis, this book argues that modern macroeconomics has completely overlooked the aggregate nature of the data. In Part I, the authors test and reject the homogeneity assumption using disaggregate data. In Part II, they demonstrate that apart from random flukes, cointegration unidirectional Granger causality and restrictions on parameters do not survive aggregation when heterogeneity is introduced. They conclude that the claim that modern macroeconomics has solid microfoundations is unwarranted. However, 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.

Author : David Colander
Publisher : Cambridge University Press
Page : 33 pages
File Size : 44,7 Mb
Release : 2006-07-17
Category : Business & Economics
ISBN : 9781139459051

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Post Walrasian Macroeconomics by David Colander Pdf

Macroeconomics is evolving in an almost dialectic fashion. The latest evolution is the development of a new synthesis that combines insights of new classical, new Keynesian and real business cycle traditions into a dynamic, stochastic general equilibrium (DSGE) model that serves as a foundation for thinking about macro policy. That new synthesis has opened up the door to a new antithesis, which is being driven by advances in computing power and analytic techniques. This new synthesis is coalescing around developments in complexity theory, automated general to specific econometric modeling, agent-based models, and non-linear and statistical dynamical models. This book thus provides the reader with an introduction to what might be called a Post Walrasian research program that is developing as the antithesis of the Walrasian DSGE synthesis.

Author : Walter C. Labys,Peter K. Pollak
Publisher : Taylor & Francis
Page : 222 pages
File Size : 40,9 Mb
Release : 2024-02-01
Category : Business & Economics
ISBN : 9781003846710

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Commodity Models for Forecasting and Policy Analysis by Walter C. Labys,Peter K. Pollak Pdf

Originally published in 1984 this book remains as relevant as when it was first published. At that time the oil crises of the 1970s and the growing international debt burden highlighted the extent to which events in primary commodity markets continue to influence the economies of developing and industrialized economies alike. Commodity modelling has become a valuable tool in efforts to predict and understand the behaviour of commodity markets and thereby reduce their fluctuations. This book provides an overview of the nature of the different types of commodity model as well as their diverse applications. In non-technical language the reader is introduced to the underlying modelling methodologies, including their advantages, limitations and commodity specific implications. The book will be of interest to commodity economists, traders and analysts, economic planners and those involved in agricultural, mineral and energy modelling.

Author : Robert A. Meyers
Publisher : Springer Science & Business Media
Page : 919 pages
File Size : 53,7 Mb
Release : 2010-11-03
Category : Business & Economics
ISBN : 9781441977007

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Complex Systems in Finance and Econometrics by Robert A. Meyers Pdf

Finance, Econometrics and System Dynamics presents an overview of the concepts and tools for analyzing complex systems in a wide range of fields. The text integrates complexity with deterministic equations and concepts from real world examples, and appeals to a broad audience.

Author : Stephen J. Turnovsky
Publisher : Mit Press
Page : 535 pages
File Size : 44,8 Mb
Release : 1995
Category : Business & Economics
ISBN : 0262200988

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Methods of Macroeconomic Dynamics by Stephen J. Turnovsky Pdf

Stephen Turnovsky has made numerous important contributions to the field of intertemporal general equilibrium macroeconomics. This new text contains the core of his work and stands apart from other related texts in its treatment of rational expectations methods and its rigorous analysis of policy issues, an overarching concern that runs through the different models. "Methods of Macroeconomic Dynamics" provides a comprehensive treatment of dynamic modeling for first- and second-year graduate students. It focuses on certain key macroeconomic models -- selected from early as well as recent research - to teach students how dynamic modeling is used to analyze the effects of policy on economic growth and performance. Large portions of the text are devoted to rational expectations models and to the representative agent model in continuous time. Professionals will find the book useful as a reference that offers both a broad overview of the evolution of methods of macroeconomic dynamics and a detailed explanation of the technical aspects of the most recent dynamic models.

Author : Ashoka Mody,Catherine Pattillo
Publisher : Routledge
Page : 413 pages
File Size : 40,5 Mb
Release : 2004-08-02
Category : Business & Economics
ISBN : 9781135994587

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Macroeconomic Policies and Poverty by Ashoka Mody,Catherine Pattillo Pdf

In this volume, world-renowned contributors, including Martin Ravallion, Michael Kremer and Robert Townsend, deal with the institutional characteristics of poverty resulting from the time pattern of aid, the nature of financial systems and the political economy of budgetary decisions. Going beyond the traditional literature on poverty, this original book deals with themes of broad interest to both scholars and policymakers in a clear yet technically sophisticated manner. Departing from conventional methods employed in poverty studies, these innovative essays enquire into the institutional characteristics of poverty, and using current case studies, they examine the crucial idea that periods of crises seriously affect poverty.

Author : Nancy D. Ruggles,Richard Ruggles
Publisher : Edward Elgar Publishing
Page : 584 pages
File Size : 54,8 Mb
Release : 1999
Category : Economic indicators
ISBN : PSU:000044084165

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Macro- and Microdata Analyses and Their Integration by Nancy D. Ruggles,Richard Ruggles Pdf

She is no longer an economist at Yale, but he still is. They explain how to measure and analyze macroeconomic and microeconomic data and how to integrate the two, which diverged sharply during the Great Depression and have rarely interacted since. They demonstrate macroanalysis with studies of recession and recovery in the US from 1929 to 1974, theoretical concepts and empirical measurement of saving and investment, accounting for saving and capital formation in the US from 1947 to 1991, and other cases. For microanalysis they look at a study of differential fertility based on census data, longitudinal establishment data, and other topics. For the integration of the two, they take a more methodological approach, describing such features as macroaccount and microdata sets, the relation of methodology to the technology of economic research, and measuring economic and social performance. Annotation copyrighted by Book News, Inc., Portland, OR

Author : Robert H. Haveman,Kevin Hollenbeck,University of Wisconsin--Madison. Institute for Research on Poverty
Publisher : Unknown
Page : 328 pages
File Size : 55,9 Mb
Release : 1980
Category : Business & Economics
ISBN : UOM:39015010682261

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Microeconomic Simulation Models for Public Policy Analysis by Robert H. Haveman,Kevin Hollenbeck,University of Wisconsin--Madison. Institute for Research on Poverty Pdf

Microeconomic Simulation Models for Public Policy Analysis, Volume 2: Sectoral, Regional, and General Equilibrium Models is a collection of papers presented at a conference of the same title held in Washington, D.C. in March 1978. This volume deals with economic equilibrium models. This collection also discusses micro data models of the macroeconomy that include policy explorations concerning the transaction model of the American economy. One paper reviews the experiments with fiscal policy parameters from a micro to a macro model related to the Swedish economy: this model analyzes inflation a.

Author : Torsten Persson
Publisher : World Scientific
Page : 284 pages
File Size : 53,8 Mb
Release : 1997
Category : Business & Economics
ISBN : 9810230605

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Economic Sciences, 1991-1995 by Torsten Persson Pdf

Below is a list of the prizewinners during the period 1991 ? 1995 with a description of the works which won them their prizes: (1991) R H COASE ? for his discovery and clarification of the significance of transaction costs and property rights for the institutional structure and functioning of the economy; (1992) G S BECKER ? for having extended the domain of microeconomic analysis to a wide range of human behaviour and interaction, including nonmarket behaviour; (1993) R W FOGEL & D C NORTH ? for having renewed research in economic history by applying economic theory and quantitative methods in order to explain economic and institutional change; (1994) J C HARSANYI, J F NASH & R SELTEN ? for their pioneering analysis of equilibria in the theory of non-cooperative games; (1995) R E LUCAS ? for having developed and applied the hypothesis of rational expectations, and thereby having transformed macroeconomic analysis and deepened our understanding of economic policy.