Stochastic Dynamic Macroeconomics

Stochastic Dynamic Macroeconomics

Theory and Empirical Evidence

eBook - 2006
Rate this:
This is a book on stochastic dynamic macroeconomics from a Keynesian perpective. It shows that including Keynesian features in intertemporal models considerably contributes to resolve major puzzles arising in the context of the Dynamic General Equilibrium (DGE) model. It also demonstrates that including microeconomic intertemporal behavior of economic agents in macroeconomics is not inconsistent with Keynesian economics. Whereas the first two parts of the book are technically and empirically oriented by elaborating on solution and estimation methods to bring dynamic macroeconomic theory closer to the time series data, the part three of the book uses those tools and addresses major issues in contemporary dynamic macroeconomics. In pursuing those issues the book stresses-as in the New Keynesian literature-nominal and real rigidities. Yet, beyond the latter type of literature-and in contrast to the DGE model -the here presented modeling approach admits open ended dynamics and multiple equilibria, more realistic asset market features, nonclearing labor market, and explores the role of both demand and technology shocks on employment.; Central for those results is a new methodological idea pertaining to adaptive optimization where agents can reoptimize once they have received and learned about market constraints. Overall, the book is self-contained by including the appropriate solution and estimation methods which brings the theory closer to the time series data. It contains a modern treatment of dynamic macroeconomics for first and second year graduate students.
Publisher: Oxford ; New York : Oxford University Press, 2006
ISBN: 9780195345735
0195345738
9781280846366
1280846364
9780195301625
0195301625
9781429438469
1429438460
Characteristics: data file,rda
1 online resource (viii, 202 pages) : illustrations
Additional Contributors: Semmler, Willi

Opinion

From the critics


Community Activity

Comment

Add a Comment

There are no comments for this title yet.

Age Suitability

Add Age Suitability

There are no age suitabilities for this title yet.

Summary

Add a Summary

There are no summaries for this title yet.

Notices

Add Notices

There are no notices for this title yet.

Quotes

Add a Quote

There are no quotes for this title yet.

Explore Further

Recommendations

Subject Headings

  Loading...

Find it at SPL

  Loading...
[]
[]
To Top