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Introduction: From Pipeline Economics to Computational Economics

Ramon Marimon and Andrew Scott

in Computational Methods for the Study of Dynamic Economies

Published in print:
2001
Published Online:
November 2003
ISBN:
9780199248278
eISBN:
9780191596605
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199248273.003.0001
Subject:
Economics and Finance, Macro- and Monetary Economics

Starts by looking at the advances in macroeconomics that have been made since A. W. Phillips's 1958 Economica paper and his physical economic model (made of piping and valves) designed to teach ... More


Conclusions

Tullio Jappelli and Luigi Pistaferri

in The Economics of Consumption: Theory and Evidence

Published in print:
2017
Published Online:
October 2017
ISBN:
9780199383146
eISBN:
9780199383160
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199383146.003.0015
Subject:
Economics and Finance, Macro- and Monetary Economics

The final chapter summarizes the material covered by the book, offering our perspectives on areas of consent, disagreement, and future research. The book analyzes how consumers respond to changes in ... More


Notes on Agents’ Behavioural Rules under Adaptive Learning and Studies of Monetary Policy *

Seppo Honkapohja, Kaushik Mitra, and George W. Evans

in Macroeconomics at the Service of Public Policy

Published in print:
2013
Published Online:
May 2013
ISBN:
9780199666126
eISBN:
9780191749278
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199666126.003.0005
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter tries to clarify some discussions on the formulation of individual intertemporal behaviour under adaptive learning in representative agent models. The authors first discuss two suggested ... More


The Certainty Equivalence Model

Tullio Jappelli and Luigi Pistaferri

in The Economics of Consumption: Theory and Evidence

Published in print:
2017
Published Online:
October 2017
ISBN:
9780199383146
eISBN:
9780199383160
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199383146.003.0004
Subject:
Economics and Finance, Macro- and Monetary Economics

The model known as “certainty equivalence” is obtained when the marginal utility of consumption is linear. This approach allows a closed-form solution for consumption even with uncertainty, but the ... More


Dynamic Portfolio Choice

Kerry E. Back

in Asset Pricing and Portfolio Choice Theory

Published in print:
2017
Published Online:
May 2017
ISBN:
9780190241148
eISBN:
9780190241179
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190241148.003.0009
Subject:
Economics and Finance, Financial Economics

The first‐order condition for optimal portfolio choice is called the Euler equation. Optimal consumption can be computed by a static approach in a dynamic complete market and by orthogonal projection ... More


Continuous-Time Portfolio Choice and Pricing

Kerry E. Back

in Asset Pricing and Portfolio Choice Theory

Published in print:
2017
Published Online:
May 2017
ISBN:
9780190241148
eISBN:
9780190241179
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190241148.003.0014
Subject:
Economics and Finance, Financial Economics

The Euler equation is defined. The static approach can be used to derive an optimal portfolio in a complete market and when the investment opportunity set is constant. In the latter case, the optimal ... More


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