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The concept of equilibrium plays a central role in various applied sciences, such as physics (especially, mechanics), economics, engineering, transportation, sociology, chemistry, biology and other fields. If one can formulate the equilibrium problem in the form of a mathematical model, solutions of the corresponding problem can be used for forecasting the future behavior of very complex systems and, also, for correcting the the current state of the system under control. This book presents a unifying look on different equilibrium concepts in economics, including several models from r
Equilibrium (Economics). --- Variational inequalities (Mathematics) Equilibrium (Economics). --- Variational inequalities (Mathematics) --- Equilibrium (Economics) --- Calculus --- Mathematics --- Physical Sciences & Mathematics --- Disequilibrium (Economics) --- Economic equilibrium --- General equilibrium (Economics) --- Partial equilibrium (Economics) --- Inequalities, Variational (Mathematics) --- DGE (Economics) --- DSGE (Economics) --- Dynamic stochastic general equilibrium (Economics) --- SDGE (Economic theory) --- Economics --- Statics and dynamics (Social sciences) --- Calculus of variations --- Differential inequalities --- Mathematical Sciences --- Applied Mathematics
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This paper presents a general approximation method for characterizing time-varying equilibrium portfolios in a two-country dynamic general equilibrium model. the method can be easily adapted to most dynamic general equilibrium models, it applies to environments in which markets are complete or incomplete, and it can be used for models of any dimension. Moreover, the approximation provides simple, easily interpretable closed form solutions for the dynamics of equilibrium portfolios.
Econometrics --- Investments: Bonds --- Macroeconomics --- Money and Monetary Policy --- General Financial Markets: General (includes Measurement and Data) --- Macroeconomics: Consumption --- Saving --- Wealth --- Computable and Other Applied General Equilibrium Models --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Investment & securities --- Econometrics & economic statistics --- Monetary economics --- Bonds --- Consumption --- General equilibrium models --- Currencies --- Economics --- Econometric models --- Money --- Capital movements. --- Investments, Foreign.
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Methodology of economics --- Economics --- Equilibrium (Economics) --- 330.01 --- AA / International- internationaal --- DGE (Economics) --- Disequilibrium (Economics) --- DSGE (Economics) --- Dynamic stochastic general equilibrium (Economics) --- Economic equilibrium --- General equilibrium (Economics) --- Partial equilibrium (Economics) --- SDGE (Economic theory) --- Statics and dynamics (Social sciences) --- Theorie van het economisch evenwicht
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theory,whichformalizesa dynamiceconomicsystemasa systemofdi?erence, or di?erential, equations. There equilibria mean ‘equilibrium trajectories’ of the whole evolution that, in a certain sense, are optimal. A particularly un- tisfactory feature of this conceptualization of an equilibrium, however, is the factthattheintertemporaloptimizingapproachcompletelypredeterminesthe whole future of the economic system. This “closed loop” approach gives rise to the common reproach that economic theory is predominantly concerned with the question of ‘how the economic system ought to behave’ rather than with the question of ‘how does it behave actually’. This is the point at which the new branch of evolutionary economics has made its entrance. In contrast to growth or business cycle theory, evolutionary economics perceives the evolution of the economic system as essentially “open” to true novelties that are unforeseeable by their very nature. This view clearly makes obsolete any conception of equilibrium that resorts to the idea of a ?nal state of rest, or to the idea of an intertemporally optimizing trajectory which is prespeci?ed ab initio by a system of di?erential equations and initial con- tions. To be sure, there have been attempts to reconceptualize the notion of equilibrium from the evolutionary viewpoint. However, these proposals also appear, in one way or another, to hinge on the ideas of rest. This parti- larly applies to the branch of nonlinear dynamics and deterministic chaotic motion.
Equilibrium (Economics) --- Evolutionary economics. --- Economics --- DGE (Economics) --- Disequilibrium (Economics) --- DSGE (Economics) --- Dynamic stochastic general equilibrium (Economics) --- Economic equilibrium --- General equilibrium (Economics) --- Partial equilibrium (Economics) --- SDGE (Economic theory) --- Statics and dynamics (Social sciences) --- Microeconomics. --- Economic theory. --- Mathematics. --- Economic Theory/Quantitative Economics/Mathematical Methods. --- Game Theory, Economics, Social and Behav. Sciences. --- Math --- Science --- Economic theory --- Political economy --- Social sciences --- Economic man --- Price theory --- Game theory. --- Games, Theory of --- Theory of games --- Mathematical models --- Mathematics
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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.
Equilibrium (Economics) --- Econometric models --- Economic development --- Mathematical models --- -Econometric models --- -Economic development --- -339.5 --- Development, Economic --- Economic growth --- Growth, Economic --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Econometrics --- Disequilibrium (Economics) --- Economic equilibrium --- General equilibrium (Economics) --- Partial equilibrium (Economics) --- Stagnation (Economics) --- -Equilibrium (Economics) --- Economic Theory --- Business & Economics --- DGE (Economics) --- DSGE (Economics) --- Dynamic stochastic general equilibrium (Economics) --- SDGE (Economic theory) --- Equilibrium (Economics) - Textbooks --- Econometric models - Textbooks --- Economic development - Mathematical models - Textbooks --- DEVELOPPEMENT ECONOMIQUE --- EQUILIBRE ECONOMIQUE --- MODELES ECONOMETRIQUES --- MODELE MATHEMATIQUE
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This paper presents a general approximation method for characterizing time-varying equilibrium portfolios in a two-country dynamic general equilibrium model. the method can be easily adapted to most dynamic general equilibrium models, it applies to environments in which markets are complete or incomplete, and it can be used for models of any dimension. Moreover, the approximation provides simple, easily interpretable closed form solutions for the dynamics of equilibrium portfolios.
Econometrics --- Finance: General --- Financial Risk Management --- Investments: Bonds --- Investments: Stocks --- General Financial Markets: General (includes Measurement and Data) --- International Financial Markets --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Computable and Other Applied General Equilibrium Models --- Investment & securities --- Finance --- Econometrics & economic statistics --- Bonds --- Asset allocation --- Securities markets --- Stocks --- General equilibrium models --- Asset-liability management --- Capital market --- Econometric models --- Macroeconomics --- Capital movements --- Economic policy --- Equilibrium (Economics) --- Mathematical models. --- Econometric models.
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Over the past 20 years, aggregate measures of global inequality have changed little even if significant structural changes have been observed. High growth rates of China and India lifted millions out of poverty, while the stagnation in many African countries caused them to fall behind. Using the World Bank's LINKAGE global general equilibrium model and the newly developed Global Income Distribution Dynamics (GIDD) tool, this paper assesses the distribution and poverty effects of a scenario where these trends continue in the future. Even by anticipating a deceleration, growth in China and India is a key force behind the expected convergence of per-capita incomes at the global level. Millions of Chinese and Indian consumers will enter into a rapidly emerging global middle class-a group of people who can afford, and demand access to, the standards of living previously reserved mainly for the residents of developed countries. Notwithstanding these positive developments, fast growth is often characterized by high urbanization and growing demand for skills, both of which result in widening of income distribution within countries. These opposing distributional effects highlight the importance of analyzing global disparities by taking into account - as the GIDD does - income dynamics between and within countries.
Development Economics --- Economic Theory and Research --- Emerging Markets --- General Equilibrium Model --- Growth Rates --- High Growth --- Income --- Income Distribution --- Incomes --- Inequality --- Macroeconomics and Economic Growth --- Middle Class --- Policy Research --- Poverty Reduction --- Private Sector Development --- Pro-Poor Growth --- Rural Development --- Rural Poverty Reduction
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Over the past 20 years, aggregate measures of global inequality have changed little even if significant structural changes have been observed. High growth rates of China and India lifted millions out of poverty, while the stagnation in many African countries caused them to fall behind. Using the World Bank's LINKAGE global general equilibrium model and the newly developed Global Income Distribution Dynamics (GIDD) tool, this paper assesses the distribution and poverty effects of a scenario where these trends continue in the future. Even by anticipating a deceleration, growth in China and India is a key force behind the expected convergence of per-capita incomes at the global level. Millions of Chinese and Indian consumers will enter into a rapidly emerging global middle class-a group of people who can afford, and demand access to, the standards of living previously reserved mainly for the residents of developed countries. Notwithstanding these positive developments, fast growth is often characterized by high urbanization and growing demand for skills, both of which result in widening of income distribution within countries. These opposing distributional effects highlight the importance of analyzing global disparities by taking into account - as the GIDD does - income dynamics between and within countries.
Development Economics --- Economic Theory and Research --- Emerging Markets --- General Equilibrium Model --- Growth Rates --- High Growth --- Income --- Income Distribution --- Incomes --- Inequality --- Macroeconomics and Economic Growth --- Middle Class --- Policy Research --- Poverty Reduction --- Private Sector Development --- Pro-Poor Growth --- Rural Development --- Rural Poverty Reduction
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International finance --- Rational expectations (Economic theory) --- Equilibrium (Economics) --- Microeconomics --- Foreign exchange --- English fiction --- Foreign exchange. --- Microeconomics. --- Modernism (Literature) --- National characteristics, Scottish, in literature. --- Nationalism in literature. --- Romanticism --- Scottish authors --- History and criticism. --- AA / International- internationaal --- 330.2 --- 333.451.7 --- 330.1 --- Cambistry --- Currency exchange --- Exchange, Foreign --- Foreign currency --- Foreign exchange problem --- Foreign money --- Forex --- FX (Finance) --- International exchange --- Currency crises --- Price theory --- Economics --- Disequilibrium (Economics) --- Economic equilibrium --- General equilibrium (Economics) --- Partial equilibrium (Economics) --- Stagnation (Economics) --- Statics and dynamics (Social sciences) --- Expectations, Rational (Economic theory) --- Economic forecasting --- Time and economic reactions --- Uncertainty --- Economische analyse en research. Theorie van de informatie. --- Speculatie. Wisselrisico's. --- Equilibrium (Economics). --- Rational expectations (Economic theory). --- DGE (Economics) --- DSGE (Economics) --- Dynamic stochastic general equilibrium (Economics) --- SDGE (Economic theory) --- Economische analyse en research. Theorie van de informatie --- Speculatie. Wisselrisico's
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Econometric analysis has established a negative relationship between labor supply and remittances in Jamaica. The authors incorporate this ex-post evidence in a general equilibrium model to investigate economywide effects of increased remittance inflows. In this model, remittances reduce labor force participation by increasing the reservation wages of recipients. This exacerbates the real exchange rate appreciation, hurting Jamaica's export base and small manufacturing import-competing sector. Within the narrow margins of maneuver of a highly indebted government, the authors show that a revenue-neutral policy response of a simultaneous reduction in payroll taxes and increase in sales taxes can effectively counteract these potentially negative effects of remittances.
Currencies and Exchange Rates --- Debt Markets --- Economic Growth --- Economic Theory and Research --- Effects --- Emerging Markets --- Finance and Financial Sector Development --- Financial Literacy --- General Equilibrium --- High Unemployment --- Information --- Investment --- Labor --- Labor Costs --- Labor Demand --- Labor Force --- Labor Force Participation --- Labor Market --- Labor Market Flexibility --- Labor Markets --- Labor Policies --- Labor Supply --- Macroeconomics and Economic Growth --- Policies --- Prices --- Private Sector Development --- Real Wages --- Social Protections and Labor --- Unemployment Rate --- Unemployment Rates --- Wages
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