Multisector Growth Models

Theory and Application

By: Terry L. Roe, Rodney B. W. Smith, D. Sirin Saracoglu

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Hardcover | 13 October 2009

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The primary objective of this book is to advance the state of the art in specifying and ?tting to data structural multi-sector dynamic macroeconomic models, and empirically implementing them. The fundamental construct upon which we build is the Ramsey model. A most attractive feature of this model is the insights it provides into the dynamics of an economy in tr- sition to long-run equilibrium. With some exceptions, Ramsey models are highly aggregated - typically single sector models. However, interest often lies in understanding the forces of e- nomic growth across multiple sectors of an economy and on how policy impacts likely play out over time. Such analyses call for moredisaggregatedmodelsthatcanbe?ttocountryorregional data.Thisbookshowshowto: (i)extendthebasicmodeltom- tiple sectors, (ii) how to adapt the basic model to account for policy instruments, and (iii) 't the model to data, and obtain equilibrium values both forward and backward in time from the data points to which the model is initially ?t.

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"The central issue of the book is transition from theoretical description of an economy to real-life applications of the theory. ... The book could serve as a textbook for advanced undergraduate students or graduate students (e.g. in an Applied General Equilibrium course) or as a companion book for any person willing to apply the theory to real-life problems." (Piotr Mackowiak, Zentralblatt MATH, Vol. 1198, 2010)

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Non-Fiction Economics Development Economics & Emerging Economies Economic Growth Mathematics Applied Mathematics Mathematical Modelling Econometrics Economic Statistics Macroeconomics Monetary Economics

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Published: 3rd September 2014

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Preface	p. xi
Acknowledgement	p. xiii
Introduction: Orientation and Focus	p. 1
Introduction	p. 1
Organization of the book	p. 4
The Preliminaries	p. 9
Microeconomic foundations	p. 10
Consumer preferences	p. 10
Production technologies	p. 13
The Heckscher-Ohlin-Samuelson model	p. 18
The behavior of households	p. 19
The price taking firm	p. 20
Characterization of equilibrium	p. 21
Comparative statics	p. 23
Generalizing the basic model	p. 27
The case where M_t = N	p. 28
The case where M_t < N	p. 28
Comparative statics	p. 29
The special case of a home (non-traded) good	p. 30
The environment	p. 31
Behavior of households and firms	p. 31
The characterization of equilibrium	p. 32
Selected comparative statics	p. 34
Appendix: determinants of home-good price	p. 40
The Two Sector Ramsey Model	p. 45
The model environment	p. 46
Household behavior	p. 46
Production	p. 52
Equilibrium	p. 53
Definition and characterization of equilibrium	p. 53
Selected comparative statics	p. 58
Growth in efficiency and number of workers	p. 61
The behavior of households	p. 61
Production	p. 64
Equilibrium	p. 65
Comparative statics	p. 66
An algebraic example	p. 67
A numerical example	p. 70
Parameter estimation	p. 71
Empirical results	p. 72
Conclusion	p. 76
The Three-Sector Ramsey Model	p. 79
The model environment	p. 80
No-arbitrage between capital and land assets	p. 81
Intra-temporal behavior of the household	p. 82
Firm behavior	p. 84
Equilibrium	p. 86
Selected comparative statics	p. 91
Stone-Geary preferences	p. 93
Household behavior	p. 94
Equilibrium	p. 95
A numerical example	p. 98
Parameter estimation	p. 98
Empirical results	p. 99
Conclusion	p. 105
Appendix: income and expenditure distribution	p. 106
Distinguishing individual expenditure from that of the representative household	p. 108
Distinguishing individual income from that of the representative household	p. 109
Extensions to the Three-Sector Model	p. 113
Intermediate inputs of production	p. 114
Firms	p. 115
Equilibrium with intermediate inputs of production	p. 116
Comparative statics	p. 120
Vertical market structures	p. 122
Firms	p. 122
Intra-temporal equilibrium	p. 123
Inter-temp oral equilibrium	p. 126
An alternative specification	p. 127
Composite capital	p. 128
Asset pricing and the Euler condition	p. 129
Specification of composite capital	p. 131
Intra-temporal equilibrium	p. 133
Inter-temporal equilibrium	p. 134
Discussion	p. 136
Government	p. 137
Government consumption and revenues	p. 138
Firms	p. 140
Intra-temporal equilibrium	p. 141
Inter-temporal equilibrium	p. 144
A numerical example	p. 146
Parameter estimation	p. 146
Empirical results	p. 147
Multiplier effects of a technology shock	p. 152
Conclusions	p. 155
The Extended Three-Sector Model	p. 159
The model	p. 159
Households	p. 160
Government	p. 164
Firms	p. 165
Intra-temporal equilibrium	p. 167
Reducing the dimensionality of the system	p. 170
Inter-temporal equilibrium	p. 173
Numerical analysis	p. 174
Parameter estimation	p. 175
Validation	p. 176
Empirical results	p. 182
Trade reform	p. 188
Conclusion	p. 195
A Three-Sector - Two-Country World	p. 199
A two-country world with capital mobility	p. 201
Households and firms	p. 202
Basic identities	p. 205
Equilibrium	p. 206
Reducing the dimensionality of the model	p. 208
Inter-temporal equilibrium	p. 211
A two-country world without capital mobility	p. 214
Households and firms	p. 214
Equilibrium	p. 215
Reducing the dimensionality of the model	p. 217
Inter-temporal equilibrium	p. 219
Numerical examples	p. 222
The capital mobility model	p. 223
Model without capital mobility	p. 230
Conclusions	p. 235
Data Issues and the Social Accounting Matrix	p. 239
Introduction	p. 239
A two-sector, closed economy SAM	p. 242
A non-technical description of the two-sector SAM	p. 243
A more technical description of the two-sector SAM	p. 246
Using the SAM to calibrate the empirical two-sector model	p. 249
A three-sector, open economy SAM	p. 257
Using the SAM to calibrate the empirical three-sector model	p. 262
A three-sector, open economy SAM with intermediate products	p. 265
Using the SAM to calibrate the empirical three-sector model with intermediate inputs	p. 265
A three-sector SAM with composite capital and government	p. 270
Using the SAM to calibrate the empirical three-sector model with composite capital	p. 271
Conclusion	p. 278
Appendix: Sector definitions	p. 279
Solution Methods in Transition Dynamics	p. 283
Time-elimination method	p. 283
L'Hopital's rule approach	p. 288
Eigenvalues-eigenvectors approach	p. 289
Mathematica code	p. 296
Backward integration method	p. 301
References	p. 305
Author Index	p. 313
Subject Index	p. 315
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Multisector Growth Models

Theory and Application

At a Glance

Hardcover

Industry Reviews

Shipping

How to return your order

Defective items

You Can Find This Book In

Other Editions and Formats

Paperback

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