Dynamic General Equilibrium Modeling

Computational Methods and Applications

By: Alfred Maussner, Burkhard Heer

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Hardcover | 20 October 2011 | Edition Number 2

At a Glance

Hardcover
736 Pages

Edition Type
Revised

Dimensions(cm)
24.13 x 16.51 x 4.45

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Modern business cycle theory and growth theory uses stochastic dynamic general equilibrium models. In order to solve these models, economists need to use many mathematical tools. This book presents various methods in order to compute the dynamics of general equilibrium models. In part I, the representative-agent stochastic growth model is solved with the help of value function iteration, linear and linear quadratic approximation methods, parameterised expectations and projection methods. In order to apply these methods, fundamentals from numerical analysis are reviewed in detail. In particular, the book discusses issues that are often neglected in existing work on computational methods, e.g. how to find a good initial value.

In part II, the authors discuss methods in order to solve heterogeneous-agent economies. In such economies, the distribution of the individual state variables is endogenous. This part of the book also serves as an introduction to the modern theory of distribution economics. Applications include the dynamics of the income distribution over the business cycle or the overlapping-generations model.

In an accompanying home page to this book, computer codes to all applications can be downloaded.

Industry Reviews

From the reviews of the second edition:

"The book is devoted to the presentation of such methods applied to solving a variety of discrete stochastic and deterministic DGE models in infinite time horizon. The way the book is written enables to use it as a lecture book for courses on computational methods in macroeconomics or modern dynamic equilibrium modeling for graduate students. There are given many useful practical hints on using the methods in practice - this makes the book very valuable for practical users of DGE models." (Piotr Mackowiak, Zentralblatt MATH, Vol. 1200, 2011)

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You Can Find This Book In

Non-Fiction Economics Political Economy Society & Social Sciences Economic Theory & Philosophy Computing & I.T.Graphical & Digital Media Applications 3D Graphics & Modelling Macroeconomics Development Economics & Emerging Economies

Basic models	p. 3
Perturbation methods	p. 75
Deterministic extended path	p. 175
Discrete state space methods	p. 207
Parameterized expectations	p. 243
Projection methods	p. 285
Computation of stationary distributions	p. 329
Dynamics of the distribution function	p. 389
Deterministic overlapping generations models	p. 451
Stochastic overlapping generations models	p. 507
Numerical methods	p. 555
Various other tools	p. 645
References	p. 667
Name index	p. 685
Subject index	p. 691
Table of Contents provided by Blackwell. All Rights Reserved.

Dynamic General Equilibrium Modeling

Computational Methods and Applications

At a Glance

Hardcover

Industry Reviews

Shipping

How to return your order

Defective items

You Can Find This Book In

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