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Book
The economics of inaction : stochastic control models with fixed costs
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ISBN: 9780691135052 0691135053 9786612158735 1282158732 140082981X 9781400829811 9781282158733 Year: 2009 Publisher: Princeton : Princeton University Press,

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Abstract

In economic situations where action entails a fixed cost, inaction is the norm. Action is taken infrequently, and adjustments are large when they occur. Interest in economic models that exhibit ''lumpy'' behavior of this kind has exploded in recent years, spurred by growing evidence that it is typical in many important economic decisions, including price setting, investment, hiring, durable goods purchases, and portfolio management. In The Economics of Inaction, leading economist Nancy Stokey shows how the tools of stochastic control can be applied to dynamic problems of decision making under uncertainty when fixed costs are present. Stokey provides a self-contained, rigorous, and clear treatment of two types of models, impulse and instantaneous control. She presents the relevant results about Brownian motion and other diffusion processes, develops methods for analyzing each type of problem, and discusses applications to price setting, investment, and durable goods purchases. This authoritative book will be essential reading for graduate students and researchers in macroeconomics.


Book
The craft of economics : lessons from the Heckscher-Ohlin framework
Author:
ISBN: 9780262016872 0262016877 9786613448941 1283448947 026230158X 9780262301589 9781283448949 661344894X 0262300834 Year: 2012 Publisher: Cambridge : MIT Press,

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In this spirited and provocative book, Edward Leamer turns an examination of the Heckscher--Ohlin framework for global competition into an opportunity to consider the craft of economics: what economists do, what they should do, and what they shouldn't do. Claiming "a lifetime relationship with Heckscher--Ohlin," Leamer argues that Bertil Ohlin's original idea offered something useful though vague and not necessarily valid; the economists who later translated his ideas into mathematical theorems offered something precise and valid but not necessarily useful. He argues further that the best economists keep formal and informal thinking in balance. An Ohlinesque mostly prose style can let in faulty thinking and fuzzy communication; a mostly math style allows misplaced emphasis and opaque communication. Leamer writes that today's model- and math-driven economics needs more prose and less math. Leamer shows that the Heckscher--Ohlin framework is still useful, and that there is still much work to be done with it. But he issues a caveat about economists: "What we do is not science, it's fiction and journalism." Economic theory, he writes, is fiction (stories, loosely connected to the facts); data analysis is journalism (facts, loosely connected to the stories). Rather than titling the two sections of his book Theory and Evidence, he calls them Economic Fiction and Econometric Journalism, explaining, "If you find that startling, that's good. I am trying to keep you awake."

Keywords

Trade theory --- Heckscher, Eli F. --- Ohlin, Bertil --- Heckscher-Ohlin, Théorème de --- Commerce international --- Économie politique --- Modèles économétriques --- Heckscher-Ohlin principle --- International trade --- -Economics --- AA / International- internationaal --- 330.00 --- 330.1 --- 330.3 --- 382.10 --- Economic theory --- Political economy --- Social sciences --- Economic man --- External trade --- Foreign commerce --- Foreign trade --- Global commerce --- Global trade --- Trade, International --- World trade --- Commerce --- International economic relations --- Non-traded goods --- Heckscher-Ohlin-Samuelson model --- Comparative advantage (International trade) --- Econometric models --- Economische en sociale theorieën: algemeenheden. --- Domein en natuur van de staathuishoudkunde. --- Methode in staathuishoudkunde. Statische, dynamische economie. Modellen. Experimental economics. --- Theorieën van internationale en interregionale handel: algemeenheden. Comparatieve voordelen. --- Heckscher-Ohlin principle. --- Economics. --- Econometric models. --- International trade -- Econometric models. --- Economics --- Business & Economics --- International Commerce --- E-books --- Economische en sociale theorieën: algemeenheden --- Domein en natuur van de staathuishoudkunde --- Methode in staathuishoudkunde. Statische, dynamische economie. Modellen. Experimental economics --- Theorieën van internationale en interregionale handel: algemeenheden. Comparatieve voordelen --- Heckscher-Ohlin, Théorème de. --- Économie politique. --- Modèles économétriques. --- ECONOMICS/General

Nonstationary panels, panel cointegration, and dynamic panels
Author:
ISBN: 0762306882 1849500657 9786611022525 1281022527 0080521975 9781849500654 9780080521978 9780762306886 Year: 2000 Volume: 15 Publisher: New York : JAI,

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This volume is dedicated to two recent intensive areas of research in the econometrics of panel data, namely nonstationary panels and dynamic panels. It includes a comprehensive survey of the nonstationary panel literature including panel unit root tests, spurious panel regressions and panel cointegration tests. In addition, it provides recent developments in the estimation of dynamic panel data models using generalized method of moments. The volume includes eleven chapters written by twenty authors. These chapters: investigate better methods of estimating dynamic panels; develop methods for estimating and testing hypotheses for cointegrating vectors in dynamic panels; extend the concept of serial correlation common features analysis to nonstationary panel data models; study the local power of panel unit root test statistics; derive the asymptotic distributions of various estimators for the panel cointegrated regression model; propose a unit root test in the presence of structural change; develop a new limit theory for panel data that may be cross-sectionally heterogeneous; propose stationarity tests for a heterogeneous panel data model; derive instrumental variable estimators for a semiparametric partially linear dynamic panel data model; and conduct Monte Carlo experiments to study the small sample properties of a growth convergence equation. This collection of papers should prove useful for practitioners and researchers working with panel data.

Policy evaluation with computable general equilibrium models
Authors: ---
ISBN: 0415256712 1138865966 9786610267323 1280267321 0203167198 9780203167199 6610267324 9781134518814 1134518811 9781134518760 1134518765 9781134518807 1134518803 9781138865969 9780415256711 9781280267321 Year: 2002 Volume: 1 Publisher: London : Routledge,

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Computable General Equilibrium (CGE) modelling is a relatively new field in economics, however, it is rapidly becoming one of the most useful tools for policy evaluation. This book applies CGE modelling to some of the most urgent international economic policy problems, including the Kyoto Protocol, pension reform, and income taxation, and also analyses the methodological issues that arise.

General equilibrium, overlapping generations models, and optimal growth theory
Author:
ISBN: 9780674022881 0674022882 0674020928 9780674020924 0674262026 9780674262027 Year: 2007 Publisher: Cambridge, Mass. : Harvard University Press,

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This book presents an exposition of general equilibrium theory for advanced undergraduate and graduate-level students of economics. It contains discussions of economic efficiency, competitive equilibrium, the welfare theorems, the Kuhn-Tucker approach to general equilibrium, the Arrow-Debreu model, and rational expectations equilibrium and the permanent income hypothesis. It presents a unified approach to portions of macro- as well as microeconomic theory and contains problems sets for most chapters.

Co-integration error correction and the econometric analysis of non stationary data
Authors: --- --- ---
ISBN: 0198288107 0198287003 0191595896 9786612052330 0191521582 1282052330 9780191521584 9780198288107 9780198287001 Year: 1993 Publisher: Oxford : Oxford University Press,

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Considering the econometric analysis of both stationary and non-stationary processes, which may be linked by equilibrium relationships, this text provides a wide-ranging account of the main tools, techniques, models, concepts, and distributions involved in the modelling of integrated processes.

Technology and market structure : theory and history
Author:
ISBN: 026219399X 0262692643 0262284596 0585077533 9780585077536 9780262193993 9780262284592 Year: 1998 Publisher: Cambridge, Mass : The MIT Press,

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Abstract

John Sutton sets out a unified theory that encompasses two major approaches to studying market, while generating a series of novel predictions as to how markets evolve.

Trade policy issues and empirical analysis
Authors: ---
ISBN: 0226036073 9786611430740 1281430749 0226036510 9780226036519 9780226036076 9780226036519 Year: 1988 Publisher: Chicago : University of Chicago Press,

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Interest in U.S. trade policy has been stimulated in recent years by the massive American trade deficit, by the belief that intervention by foreign governments in international markets has given other countries a competitive edge over the United States, and by concern about the increase in protectionism among industrial countries. In turn, major analytical developments in international economics have revolutionized trade theory, broadening its scope both by introducing in a more formal manner such concepts as imperfect competition, increasing returns, product differentiation, and learning effects and by including the study of political and economic factors that shape trade policy decisions. This collection of papers-the result of a conference held by the NBER-applies these "new" trade theories to existing world cases and also presents complementary empirical studies that are grounded in more traditional trade theories. The volume is divided into four parts. The papers in part 1 consider the problem of imperfect competition, empirically assessing the economic effect of various trade policies introduced in industries in which the "new" trade theory seems to apply. Those in part 2 isolate the effects of protection from the influences of the many economic changes that accompany actual periods of protection and also examine how the effects from exogenous changes in economic conditions vary with the form of protection. Part 3 provides new empirical evidence on the effect of foreign production by a country's firms on the home country's exports. Finally, in part 4, two key bilateral issues are analyzed: recent U.S.-Japanese trade tensions and the incident involving the threat of the imposition of countervailing duties by the United States on Canadian softwood lumber.

Keywords

Foreign trade policy --- Commercial policy --- Politique commerciale --- Congresses --- Econometric models --- Congrès --- Modèles économétriques --- Congresses. --- 339.542 --- -Commercial policy --- -AA / International- internationaal --- 382.30 --- 380.23 --- International trade --- International trade policy --- Trade policy --- Economic policy --- International economic relations --- Buitenlandse handelsovereenkomsten. Multilaterale/bilaterale handelsbesprekingen. Tarieven. Uitvoerrechten. Gatt. Handelsconferenties. WTO --- -Congresses --- Handels- en wisselpolitiek in hun verband met de buitenlandse handel: algemeenheden. --- Vorming van internationale prijzen. Internationale gelijkheden en verschillen. Concurrentievermogen. --- Government policy --- 339.542 Buitenlandse handelsovereenkomsten. Multilaterale/bilaterale handelsbesprekingen. Tarieven. Uitvoerrechten. Gatt. Handelsconferenties. WTO --- Congrès --- Modèles économétriques --- AA / International- internationaal --- Econometric models&delete& --- Vorming van internationale prijzen. Internationale gelijkheden en verschillen. Concurrentievermogen --- Handels- en wisselpolitiek in hun verband met de buitenlandse handel: algemeenheden --- Commercial policy - Congresses. --- Commercial policy - Econometric models - Congresses. --- italy, personal saving, germany, savings, united kingdom, household, canada, trade policy, finance, economics, economy, nonfiction, deficit, intervention, government, competition, protectionism, product differentiation, increasing returns, softwood lumber, commerce, econometric models, congress, regulation, international markets.

Game theory and economic modelling
Author:
ISBN: 0198283571 0198283814 1281989479 0191521337 9786611989477 9780191521331 9780198283577 9780198283812 Year: 1990 Publisher: Oxford : New York : Clarendon Press ; Oxford University Press,

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This book offers an introduction to game theory, for academics and undergraduates interested in economic theory, but with no prior knowledge of game theory. It is written in non-technical language and concepts are developed as the book progresses. Game theory is currently a very popular tool of analysis, and this book looks at reasons why this is so. This is the first title to be published in the Clarendon Lectures in Economics series (see overleaf).The Clarendon Lectures in EconomicsThese lectures were established in 1987. They consist of coherent sets of three to four lectures given by disti

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