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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
Equilibrium (Economics) --- Economics, Mathematical --- Endogenous growth (Economics) --- Macroeconomics --- Mathematical models --- -Business cycles --- -339.5 --- Economic cycles --- Economic fluctuations --- Cycles --- Financial crises --- Equilibrium (Economics) - Mathematical models
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Is ‘development’ passé? Is it merely a by-product or a ‘trickle down’ effect of economic growth, spurred by globalisation? Will poverty simply diminish with increased global markets? This state-of-the-art critical ‘development’ reader deals with these and related questions. Globalisation, Poverty and Conflict examines the inter-relationships between globalisation, poverty and conflict. It complements current debates in the field of development studies and, in an era in which development fatigue seems to have become more profound than ever before, it brings the importance of development once again to the forefront. Achieving the Millennium Development Goals by 2015 is a concrete target which many governments have agreed to work towards.Whether these goals can be realised is another issue. Nonetheless, the Millennium Development Goals have brought more focused attention to development in the past few years and renewed debate about the relationships between the process of globalisation and widespread poverty and the emergence of violent conflicts. The authors in this edited volume discuss these inter-related and highly controversial topical elements of development in a number of chapters organised around three sets of issues: (1) globalisation, inequality and poverty; (2) governance, civil society and poverty; and (3) resource degradation, institutions and conflict. The contributions represent current thinking on (and practice of) development policy, poverty reduction, the need for multi-level democratic institutions, and the containing and prevention of conflicts. The authors confront the predominant mainstream ideas on ‘development’ and propose alternatives. The chapters, written by a select group of scholars and development practitioners, will be of direct interest to those involved in this field of social sciences and in ‘development practice’, but they are composed in such a way as to remain accessible for the generally interested reader.
Sociology of the developing countries --- Internal politics --- International relations. Foreign policy --- Economic growth --- Finance --- Economic conditions. Economic development --- Foreign trade. International trade --- Developing countries: economic development problems --- Economics --- Environmental protection. Environmental technology --- economie --- ontwikkelingssamenwerking --- armoede --- wereldeconomie --- economische groei --- financiën --- internationale economie --- milieubeheer --- 330.56 --- 339 --- 330.56 Nationaal inkomen. Volksinkomen. Gezinsinkomen. Vermogensstratificatie. Particuliere inkomens en bestedingen. Armoede. Honger --- Nationaal inkomen. Volksinkomen. Gezinsinkomen. Vermogensstratificatie. Particuliere inkomens en bestedingen. Armoede. Honger --- 339 Handel. Internationale economische betrekkingen. Wereldeconomie --binnenlandse als buitenlandse handel; zie ook {339.3} en {339.5} --- Handel. Internationale economische betrekkingen. Wereldeconomie --binnenlandse als buitenlandse handel; zie ook {339.3} en {339.5} --- Economic development. --- Globalization. --- Poverty --- Social conflict --- International cooperation. --- Economic aspects. --- Developing countries --- Economic conditions. --- Global cities --- Globalisation --- Internationalization --- International relations --- Anti-globalization movement --- Development, Economic --- Growth, Economic --- Economic policy --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Class conflict --- Class struggle --- Conflict, Social --- Social tensions --- Interpersonal conflict --- Social psychology --- Sociology
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Macroeconomic Policy 2nd Edition is an applications-oriented text designed for individuals who desire a hands-on approach to analyzing the effects of fiscal and monetary policies. MBA and Executive MBA students who appreciate the importance of monetary and fiscal analysis will find this text to be right on target. Financial analysts and individual investors who need to strip away economic myths and jargon and systematically examine and understand the effects of macro policies on variables such as inflation, output, employment and interest rates, will also find the book extremely useful. A unique feature of this book is the extensive use of specially written "newspaper" articles designed to simulate current macroeconomic news. Each chapter contains exercises that enable the reader to relate specific underlined passages in these articles to the theory presented in preceding chapters. This distinctive approach ensures real-world applicability, and supporting diagrams further enable the reader to relate current economic news to the theoretical material discussed. This edition incorporates a greater open-economy approach to macroeconomic analysis and employs a much more global focus: Existing cases and articles have been rewritten, and new ones added to reflect the current state of the major economies and their macropolicies. Housing and asset-price bubbles in the US, India, China, the UK, Iceland, and many countries in the Eurozone in the "post-subprime world" are analyzed. The rollercoaster ride of the dollar that began in 2007 is examined as well as the effect on currencies pegged to the US dollar. Global events including the hyperinflation in Zimbabwe of the late 2000's, causes and consequences of hot capital flows in Iceland, the trade-deficit-capital-inflow relationship with China, and the subprime saga are included as new articles. The "technology-driven new economy" and supply-side policy analyses for the US and the Eurozone are emphasized. "Macroeconomic Policy is a lively and informative introduction to the diverse doctrines of macroeconomic theory." Prof. Robert E. Lucas, Jr., Recipient of the 1995 Nobel Prize in Economics "The notion of allowing the reader the freedom of choice between the Keynesian and Supply-Sider models for developed economies is fresh and radically different from most conventional macroeconomic texts. In addition, it is an honest approach...given that policymakers...still make policy based on assumptions behind each paradigm." Dr. W. Michael Cox, Senior Vice President and Chief Economist, Federal Reserve Bank of Dallas, and co-author of Myths of Rich and Poor.
Economic policy. --- Fiscal policy. --- Macroeconomics. --- Monetary policy. --- Economic Theory --- Business & Economics --- Macroeconomics --- -Economic policy --- -Monetary policy --- -Fiscal policy --- -339.5 --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Monetary management --- Currency boards --- Money supply --- Economic nationalism --- Economic planning --- National planning --- State planning --- Economics --- Planning --- National security --- Social policy --- Electronic information resources --- Government policy --- E-books --- Finance. --- Economic history. --- Economics. --- Macroeconomics/Monetary Economics//Financial Economics. --- Finance, general. --- Economic Policy. --- Methodology/History of Economic Thought. --- History of Economic Thought/Methodology. --- Economic conditions --- History, Economic --- Funding --- Funds --- Currency question --- AA / International- internationaal --- 331.31 --- Economisch beleid
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This book studies the strategic interactions between monetary and fiscal policies in the world economy. The world economy consists of two regions, say Europe and America. The policy makers are the central banks and the governments. The policy targets are low inflation, low unemployment, and low structural deficits. There are demand shocks, supply shocks, and mixed shocks. There are regional shocks and common shocks. This book develops a series of basic, intermediate, and more advanced models. Here the focus is on the Nash equilibrium. The key questions are: Given a shock, can policy interactions reduce the existing loss? And to what extent can they do so? Another topical issue is policy cooperation. To illustrate all of this there are a lot of numerical examples.
Economics/Management Science. --- Macroeconomics/Monetary Economics. --- International Economics. --- Economic Policy. --- Economics. --- Economic policy. --- International economics. --- Macroeconomics. --- Economie politique --- Politique économique --- Macroéconomie --- Monetary policy. --- Fiscal policy. --- Globalization --- International economic relations. --- Economic policy, Foreign --- Economic relations, Foreign --- Economics, International --- Foreign economic policy --- Foreign economic relations --- Interdependence of nations --- International economic policy --- International economics --- New international economic order --- Economic policy --- International relations --- Economic sanctions --- Tax policy --- Taxation --- Finance, Public --- Monetary management --- Currency boards --- Money supply --- Economic aspects. --- Government policy --- E-books --- AA / International- internationaal --- EEC / European Union - EU -Europese Unie - Union Européenne - UE --- US / United States of America - USA - Verenigde Staten - Etats Unis --- 333.820 --- 333.846.0 --- 336.401 --- 336.61 --- 331.31 --- 331.060 --- Monetary policy --- Fiscal policy --- -International economic relations --- 339.5 --- Global cities --- Globalisation --- Internationalization --- Anti-globalization movement --- Geldbeleid, bankbeleid en kredietbeleid: algemeenheden. --- Verband tussen het monetair, bank- en kredietbeleid en de economische ontwikkeling: algemeenheden. --- Verband tussen begrotingspolitiek en economische evolutie. --- Financieel beleid. --- Economisch beleid. --- Beïnvloeding van de economische bewegingen: algemeenheden. --- Economic aspects --- International economic relations --- Geldbeleid, bankbeleid en kredietbeleid: algemeenheden --- Verband tussen het monetair, bank- en kredietbeleid en de economische ontwikkeling: algemeenheden --- Verband tussen begrotingspolitiek en economische evolutie --- Financieel beleid --- Economisch beleid --- Beïnvloeding van de economische bewegingen: algemeenheden
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