Reduced Forms of Rational Expectations Models

Author: L. Broze,C. Gourieroux,A. Szafarz

Publisher: Routledge

ISBN: 1136457801

Category: Business & Economics

Page: 136

View: 9685


A comprehensive exposition of rational expectations models is provided here, working up from simple univariate models to more sophisticated multivariate and non-linear models.

The Econometric Analysis of Non-Uniqueness in Rational Expectations Models

Author: L. Broze,A. Szafarz

Publisher: Elsevier

ISBN: 1483296288

Category: Mathematics

Page: 245

View: 1681


This book is devoted to the econometric analysis of linear multivariate rational expectation models. It shows that the interpretation of multiplicity in terms of "new degrees of freedom" is consistent with a rigorous econometric reasoning. Non-uniqueness is the central theme of this book. Each chapter is concerned with a specific econometric aspect of rational expectations equilibria. The most constructive result lies in the possibility of an empirical determination of the equilibrium followed by the economy.

Post Walrasian Macroeconomics

Beyond the Dynamic Stochastic General Equilibrium Model

Author: David Colander

Publisher: Cambridge University Press

ISBN: 1139459058

Category: Business & Economics

Page: N.A

View: 9231


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.

Imperfect Competition, Differential Information, and Microfoundations of Macroeconomics

Author: Kiyohiko G. Nishimura

Publisher: Oxford University Press

ISBN: 9780198290391

Category: Business & Economics

Page: 231

View: 4294


This theoretical work links a microeconomic model of imperfectly informed firms and unions in monopolistic competition to a general theory of wage and price setting in a macroeconomic model. The analysis is based on profit maximization and rational behavio

Economic Models, Estimation, and Socioeconomic Systems

Essays in Honor of Karl A. Fox

Author: Tej K. Kaul,Jatikumar Sengupta

Publisher: N.A


Category: Business & Economics

Page: 645

View: 6914


International experts have contributed to this volume in honor of Professor Karl A. Fox who has advanced the frontiers of economic science in many ways: by developing real-life applications of econometrics to agricultural economics and economic policy, by originating new concepts for understanding complex social systems, such as the education sector and functional economic areas, and by greatly extending the new discipline of eco-behavioral science, which deals with discrete units of social activity and its immediate environment called behavior settings.

Monetary Policy Mistakes and the Evolution of Inflation Expectations

Author: Athanasios Orphanides,John C. Williams

Publisher: DIANE Publishing

ISBN: 1437935613

Category: Economics

Page: 44

View: 7834


What monetary policy framework, if adopted by the Federal Reserve, would have avoided the Great Inflation of the 1960s and 1970s? The authors use counterfactual simulations of an estimated model of the U.S. economy to evaluate alternative monetary policy strategies. The authors document that policymakers at the time both had an overly optimistic view of the natural rate of unemployment and put a high priority on achieving full employment. They show that in the presence of realistic informational imperfections and with an emphasis on stabilizing economic activity, an optimal control approach would have failed to keep inflation expectations well anchored, resulting in highly volatile inflation during the 1970s. Charts and tables.

Methods of Macroeconomic Dynamics

Author: Stephen J. Turnovsky

Publisher: MIT Press

ISBN: 9780262201230

Category: Business & Economics

Page: 671

View: 3637


Just as macroeconomic models describe the overall economy within a changing, or dynamic, framework, the models themselves change over time. In this text Stephen J. Turnovsky reviews in depth several early models as well as a representation of more recent models. They include traditional (backward-looking) models, linear rational expectations (future-looking) models, intertemporal optimization models, endogenous growth models, and continuous time stochastic models. The author uses examples from both closed and open economies. Whereas others commonly introduce models in a closed context, tacking on a brief discussion of the model in an open economy, Turnovsky integrates the two perspectives throughout to reflect the increasingly international outlook of the field. This new edition has been extensively revised. It contains a new chapter on optimal monetary and fiscal policy, and the coverage of growth theory has been expanded substantially. The range of growth models considered has been extended, with particular attention devoted to transitional dynamics and nonscale growth. The book includes cutting-edge research and unpublished data, including much of the author's own work.