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National and global structural macroeconometric modelling

Anthony Garratt, Kevin Lee, M. Hashem Pesaran, and Yongcheol Shin

in Global and National Macroeconometric Modelling: A Long-Run Structural Approach

Published in print:
2006
Published Online:
September 2006
ISBN:
9780199296859
eISBN:
9780191603853
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199296855.003.0003
Subject:
Economics and Finance, Econometrics

This chapter describes a framework for macroeconometric modelling, which draws out the links with economic theory relating to the long run and with theory relating to the short run. It elaborates a ... More


An economic theory of the short run

Anthony Garratt, Kevin Lee, M. Hashem Pesaran, and Yongcheol Shin

in Global and National Macroeconometric Modelling: A Long-Run Structural Approach

Published in print:
2006
Published Online:
September 2006
ISBN:
9780199296859
eISBN:
9780191603853
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199296855.003.0005
Subject:
Economics and Finance, Econometrics

This chapter explores a set of identifying restrictions on the short-run dynamics that might be used to supplement the long-run restrictions if the model is to be used to investigate the effect of ... More


Aggregation in the Short and Long Run

W. M. Gorman

C. Blackorby and A. F. Shorrocks (eds)

in Separability and Aggregation: The Collected Works of W. M. Gorman, Volume I

Published in print:
1996
Published Online:
November 2003
ISBN:
9780198285212
eISBN:
9780191596322
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198285213.003.0025
Subject:
Economics and Finance, Microeconomics

The paper begins with the short‐run aspect, giving a very brief survey of known results in aggregation theory, reminding us that the basic trick in most aggregation problems is to change the ... More


A Neo‐Classical Passage to Growth Equilibrium

Michio Morishima

in Theory of Economic Growth

Published in print:
1969
Published Online:
November 2003
ISBN:
9780198281641
eISBN:
9780191596667
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198281641.003.0003
Subject:
Economics and Finance, Development, Growth, and Environmental

Investigates whether a series of the short‐run equilibria starting from an arbitrarily (or historically) given capital–labour endowment will eventually approach the state of the long‐run or ‘Silvery ... More


Walras‐Type Model of Match‐Box Size

Michio Morishima

in Theory of Economic Growth

Published in print:
1969
Published Online:
November 2003
ISBN:
9780198281641
eISBN:
9780191596667
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198281641.003.0001
Subject:
Economics and Finance, Development, Growth, and Environmental

Introduces multi‐sectoral growth analysis. Mainly devoted to examining a Walrasian general equilibrium model of capital formation on the smallest possible scale. It is assumed that the economy ... More


Consumption and Permanent Income

Angus Deaton

in Understanding Consumption

Published in print:
1992
Published Online:
November 2003
ISBN:
9780198288244
eISBN:
9780191596131
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198288247.003.0003
Subject:
Economics and Finance, Macro- and Monetary Economics

Discusses the permanent income hypothesis and the mechanisms by which consumption smoothing responds to short‐run changes in income. It also reviews the role played by income and expectations in ... More


Harrodian Knife‐Edge in a Keynes‐Type ‘Fixprice’ Economy

Michio Morishima

in Theory of Economic Growth

Published in print:
1969
Published Online:
November 2003
ISBN:
9780198281641
eISBN:
9780191596667
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198281641.003.0004
Subject:
Economics and Finance, Development, Growth, and Environmental

Among the assumptions underlying the analysis of stability of growth equilibrium already made in the book, the following two have played the most important roles in deriving the conclusions: first, ... More


Equilibrium Growth. (III) Normative Properties

Michio Morishima

in Theory of Economic Growth

Published in print:
1969
Published Online:
November 2003
ISBN:
9780198281641
eISBN:
9780191596667
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198281641.003.0009
Subject:
Economics and Finance, Development, Growth, and Environmental

Devoted to establishing the optimality of competitive equilibrium paths of various orders. So far three kinds of equilibrium growth paths have been discussed in the book: the Cassel–von Neumann path ... More


The Construction of Neoclassical Orthodoxy

Ernesto Screpanti and Stefano Zamagni

in An Outline of the History of Economic Thought

Published in print:
2005
Published Online:
October 2005
ISBN:
9780199279142
eISBN:
9780191602887
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199279144.003.0007
Subject:
Economics and Finance, History of Economic Thought

Traces the rapid diffusion of the neoclassical paradigm in Europe and the USA. In particular, considers the birth of the 'national schools' during la belle époque: the Marshallian School in England; ... More


Business Cycles

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/9780195101928.003.0005
Subject:
Economics and Finance, Financial Economics

Because of the Great Depression that hit the United States during the early 1930s, Keynes was able to conclude in his work entitled General Theory that institutions of a market economy cannot always ... More


From Main Street to Wall Street: How the Economy Influences Stock Markets and What Investors Should Know

Jesper Rangvid

Published in print:
2021
Published Online:
February 2021
ISBN:
9780198866404
eISBN:
9780191898549
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198866404.001.0001
Subject:
Economics and Finance, Financial Economics

From Main Street to Wall Street examines the relation between the economy and the stock market. It discusses the academic theories and empirical facts, and guides readers through the fascinating ... More


Monetary policy, interest rates and stock markets

Jesper Rangvid

in From Main Street to Wall Street: How the Economy Influences Stock Markets and What Investors Should Know

Published in print:
2021
Published Online:
February 2021
ISBN:
9780198866404
eISBN:
9780191898549
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198866404.003.0011
Subject:
Economics and Finance, Financial Economics

This chapter examines how monetary policy, in itself and through its dependence on the business cycle, affects prices on financial assets. The chapter shows that changes in the monetary policy rate ... More


Evolving Roles of Error Terms

Qin Duo

in A History of Econometrics: The Reformation from the 1970s

Published in print:
2013
Published Online:
September 2013
ISBN:
9780199679348
eISBN:
9780191758416
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199679348.003.0009
Subject:
Economics and Finance, Econometrics, History of Economic Thought

This chapter describes the methodological confusions in econometrics via the growing labyrinth of the error term specification and interpretation. It traces the specification and interpretation from ... More


The Analytical Foundations of Monetarism

John Eatwell and Murray Milgate

in The Fall and Rise of Keynesian Economics

Published in print:
2011
Published Online:
April 2015
ISBN:
9780199777693
eISBN:
9780190261344
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:osobl/9780199777693.003.0013
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter examines the theoretical foundations of monetarism and the nature of the relationship between the general price level and quantity of money. It focuses on interrelated sources of ... More


Equilibrium models and explanation

Lawrence A. Boland

in Equilibrium Models in Economics: Purposes and Critical Limitations

Published in print:
2017
Published Online:
May 2017
ISBN:
9780190274320
eISBN:
9780190274368
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190274320.003.0002
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter examines the explanatory purpose of building equilibrium models and the need to consider dynamics and disequilibria. It examines Marshall’s two ‘Principles’ of explanation, the ... More


Goals and the Organization of Choice under Risk in Both the Long Run and the Short Run

Lola Lopes

in The Global Financial Crisis and Its Aftermath: Hidden Factors in the Meltdown

Published in print:
2016
Published Online:
January 2017
ISBN:
9780199386222
eISBN:
9780199386253
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199386222.003.0009
Subject:
Economics and Finance, Financial Economics

Scholars have been working at explaining why people prefer sure things to risks for almost 300 years. The best-known early explanation, what we now call diminishing marginal utility, has provided a ... More


The Construction of Neoclassical Orthodoxy

Ernesto Screpanti and Stefano Zamagni

in An Outline of the History of Economic Thought

Published in print:
1995
Published Online:
November 2003
ISBN:
9780198774556
eISBN:
9780191717383
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198774559.003.0007
Subject:
Economics and Finance, History of Economic Thought

Traces the rapid diffusion of the neoclassical paradigm in Europe and the USA. In particular, considers the birth of the ‘national schools’ during la belle époque: the Marshallian School in England; ... More


Overview

Elvira Silva, Spiro E. Stefanou, and Alfons Oude Lansink

in Dynamic Efficiency and Productivity Measurement

Published in print:
2021
Published Online:
April 2021
ISBN:
9780190919474
eISBN:
9780197537176
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780190919474.003.0002
Subject:
Economics and Finance, Microeconomics

This chapter characterizes production in a dynamic decision-making environment. The classic characterization of static firm decision making is contrasted with the dynamic decision environment where ... More


Globalization and Inflation Dynamics: The Impact of Increased Competition

Argia M. Sbordone

in International Dimensions of Monetary Policy

Published in print:
2010
Published Online:
February 2013
ISBN:
9780226278865
eISBN:
9780226278872
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226278872.003.0011
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter systematically addresses how globalization may have influenced the short-run Phillips curve trade-off between inflation and output. A Phillips curve relation is developed that originates ... More


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