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Dynamic Economics: Optimization by the Lagrange Method

Gregory C. Chow

Published in print:
1997
Published Online:
October 2011
ISBN:
9780195101928
eISBN:
9780199855032
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195101928.001.0001
Subject:
Economics and Finance, Financial Economics

This work provides a unified and simple treatment of dynamic economics using dynamic optimization as the main theme, and the method of Lagrange multipliers to solve dynamic economic problems. The ... More


Computational Methods for the Study of Dynamic Economies

Ramon Marimon and Andrew Scott (eds)

Published in print:
2001
Published Online:
November 2003
ISBN:
9780199248278
eISBN:
9780191596605
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0199248273.001.0001
Subject:
Economics and Finance, Macro- and Monetary Economics

Macroeconomics increasingly uses stochastic dynamic general equilibrium models to understand theoretical and policy issues. Unless very strong assumptions are made, understanding the properties of ... More


Methods of Dynamic Economics

J. R. Hicks

Published in print:
1987
Published Online:
November 2003
ISBN:
9780198772873
eISBN:
9780191596438
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0198772874.001.0001
Subject:
Economics and Finance, Macro- and Monetary Economics

Capital and Growth by John Hicks was published in 1965 and rapidly established itself as a landmark in economic theory. This book takes earlier work and examines it critically for its ... More


Theory of Economic Growth

Michio Morishima

Published in print:
1969
Published Online:
November 2003
ISBN:
9780198281641
eISBN:
9780191596667
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0198281641.001.0001
Subject:
Economics and Finance, Development, Growth, and Environmental

Discusses economic growth within the framework of the theory of equilibrium. Attempts on the one hand to resolve much of the controversy on growth that results from differences in assumptions made by ... More


Introduction

GREGORY C. CHOW

in Dynamic Economics: Optimization by the Lagrange Method

Published in print:
1997
Published Online:
October 2011
ISBN:
9780195101928
eISBN:
9780199855032
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195101928.003.0001
Subject:
Economics and Finance, Financial Economics

Dynamic economics involves explaining economic behavior that occurs through time. Although all of the economic behavior expressed by both enterprises and individuals occurs through time, there is a ... More


Capital and Time: A Neo-Austrian Theory

J. R. Hicks

Published in print:
1987
Published Online:
November 2003
ISBN:
9780198772866
eISBN:
9780191596414
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0198772866.001.0001
Subject:
Economics and Finance, Macro- and Monetary Economics

This book, first published in 1973, takes up an important approach to capital which had gone out of fashion. There has been some recent renewed interest in this approach. The ‘Austrian’ theory of ... More


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


The Temporary Equilibrium Method

John Hicks

in Methods of Dynamic Economics

Published in print:
1987
Published Online:
November 2003
ISBN:
9780198772873
eISBN:
9780191596438
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198772874.003.0007
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter considers the dynamic method developed by Erik Lindahl in 1929–30. It was worked out at just the same time as Keynes's Treatise; but it was (at least initially) quite independent of the ... More


Finite‐Difference Methods for Continuous‐Time Dynamic Programming

Graham V. Candler

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:
10.1093/0199248273.003.0008
Subject:
Economics and Finance, Macro- and Monetary Economics

Introduces some of the methods and underlying ideas behind computational fluid dynamics—in particular, the use is discussed of finite‐difference methods for the simulation of dynamic economies. A ... More


Computation of Equilibria in Heterogeneous‐Agent Models

José‐Víctor Ríos‐Rull

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:
10.1093/0199248273.003.0011
Subject:
Economics and Finance, Macro- and Monetary Economics

There are many questions in economics for which heterogeneous‐agent dynamic models (i.e. models populated by agents that are different from each other) have to be used to provide answers. The first ... More


A Toolkit for Analysing Nonlinear Dynamic Stochastic Models Easily

Harald Uhlig

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:
10.1093/0199248273.003.0003
Subject:
Economics and Finance, Macro- and Monetary Economics

An extensive treatment is provided of methods that use log‐linear approximations to solve nonlinear dynamic discrete‐time stochastic models. These methods, based on their linear counterparts, have ... More


Discrete State‐Space Methods for the Study of Dynamic Economies

Craig Burnside

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:
10.1093/0199248273.003.0005
Subject:
Economics and Finance, Macro- and Monetary Economics

A number of numerical methods are discussed for solving dynamic stochastic general equilibrium models that fall within the common category of discrete state‐space methods. These methods can be ... More


Application of Weighted Residual Methods to Dynamic Economic Models

Ellen R. McGrattan

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:
10.1093/0199248273.003.0006
Subject:
Economics and Finance, Macro- and Monetary Economics

Many problems in economics require the solution to a functional equation as an intermediate step, and typically, decision functions are sought that satisfy a set of Euler conditions or a value ... More


Keynes‐Type Macrodynamics

John Hicks

in Methods of Dynamic Economics

Published in print:
1987
Published Online:
November 2003
ISBN:
9780198772873
eISBN:
9780191596438
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198772874.003.0011
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter considers the application of stock and flow analysis to Fixprice macroeconomics. Even within this limited field there are two kinds of model to be considered. The chapter focuses on the ... More


Linear Quadratic Approximations: An Introduction

Javier Díaz‐Giménez

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:
10.1093/0199248273.003.0002
Subject:
Economics and Finance, Macro- and Monetary Economics

This is a brief introduction to dynamic programming and the method of using linear quadratic (LQ) approximations to the return function; the method is an approximation because it computes the ... More


The Parameterized Expectations Approach: Some Practical Issues

Albert Marcet and Guido Lorenzoni

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:
10.1093/0199248273.003.0007
Subject:
Economics and Finance, Macro- and Monetary Economics

Some practical issues are discussed that relate to the use of the parameterized expectations approach (PEA) for solving nonlinear stochastic dynamic models with rational expectations. This approach ... More


Harrod‐Type Macrodynamics

John Hicks

in Methods of Dynamic Economics

Published in print:
1987
Published Online:
November 2003
ISBN:
9780198772873
eISBN:
9780191596438
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198772874.003.0012
Subject:
Economics and Finance, Macro- and Monetary Economics

The Keynes-type theory, if formulated in the way that we have been formulating it, needs to be completed by a consideration of what happens when fixed capital investment is not given autonomously, ... More


Structural Disequilibrium — Traverse

John Hicks

in Methods of Dynamic Economics

Published in print:
1987
Published Online:
November 2003
ISBN:
9780198772873
eISBN:
9780191596438
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198772874.003.0013
Subject:
Economics and Finance, Macro- and Monetary Economics

The chief thing which has emerged from the Harrod-type theory considered in Chapter 12 is that an economy which has been in long-term equilibrium at fixed prices (which are to maintained) cannot ... More


Computing Models of Social Security

Ayşe İmrohoroğlu, Selahattin İmrohoroğlu, and Douglas H. Joines

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:
10.1093/0199248273.003.0010
Subject:
Economics and Finance, Macro- and Monetary Economics

A core topic of current economic research (and policy debate) is the evaluation of social security systems and their possible reforms. Shows how models of social security can be computed in economies ... More


Solving Nonlinear Rational Expectations Models by Eigenvalue–Eigenvector Decompositions

Alfonso Novales, Emilio Domínguez, Javier J. Pérez, and Jesús Ruiz

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:
10.1093/0199248273.003.0004
Subject:
Economics and Finance, Macro- and Monetary Economics

Discusses the main issues involved in practical applications of solution methods that have been proposed for rational expectations models, based on eigenvalue–eigenvector decompositions. It starts by ... More


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