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Economic Dynamics: Theory and Computation

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Author Info

  • John Stachurski

    ()
    (Kyoto Institute of Economic Research)

Abstract

This text provides an introduction to the modern theory of economic dynamics, with emphasis on mathematical and computational techniques for modeling dynamic systems. Written to be both rigorous and engaging, the book shows how sound understanding of the underlying theory leads to effective algorithms for solving real world problems. The material makes extensive use of programming examples to illustrate ideas. These programs help bring to life the abstract concepts in the text. Background in computing and analysis is offered for readers without programming experience or upper-level mathematics. Topics covered in detail include nonlinear dynamic systems, finite state Markov chains, stochastic dynamic programming, and stochastic stability and computation of equilibria. The models are predominantly nonlinear, and the emphasis is on studying nonlinear systems in their original form, rather than by means of rudimentary approximation methods such as linearization. Much of the material is new to economics and improves on existing techniques. For graduate students and those already working in the field, Economic Dynamics will serve as an essential resource.

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Bibliographic Info

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This book is provided by The MIT Press in its series MIT Press Books with number 0262012774 and published in 2009.

Volume: 1
Edition: 1
ISBN: 0-262-01277-4
Handle: RePEc:mtp:titles:0262012774

Contact details of provider:
Web page: http://mitpress.mit.edu

Related research

Keywords: economic dynamics; nonlinear dynamic systems; Markov chains; programming;

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Citations

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Cited by:
  1. Takashi Kamihigashi & John Stachurski, 2011. "An Order-Theoretic Mixing Condition for Monotone Markov Chains," ANU Working Papers in Economics and Econometrics 2011-559, Australian National University, College of Business and Economics, School of Economics.
  2. Jenö Pál & John Stachurski, 2011. "Fitted Value Function Iteration With Probability One Contractions," ANU Working Papers in Economics and Econometrics 2011-560, Australian National University, College of Business and Economics, School of Economics.
  3. Pál, Jenő & Stachurski, John, 2013. "Fitted value function iteration with probability one contractions," Journal of Economic Dynamics and Control, Elsevier, vol. 37(1), pages 251-264.
  4. Stephane Verani & Till Gross, 2012. "Financing constraints, firm dynamics, and international trade," Finance and Economics Discussion Series 2012-68, Board of Governors of the Federal Reserve System (U.S.).
  5. Cai, Yiyong & Kamihigashi, Takashi & Stachurski, John, 2014. "Stochastic optimal growth with risky labor supply," Journal of Mathematical Economics, Elsevier, vol. 50(C), pages 167-176.
  6. John Stachurski & Huiyu Li & Richard Anton Braun, 2009. "Computing Densities in Stochastic Recursive Economies: Generalized Look-Ahead Techniques," 2009 Meeting Papers 975, Society for Economic Dynamics.
  7. Kiran Krishnamurthy, Chandra, 2012. "Optimal Management of Groundwater under Uncertainty: A Unified Approach," CERE Working Papers 2012:19, CERE - the Center for Environmental and Resource Economics, revised 30 Jun 2014.
  8. Nestor Iván González-Quintero, 2011. "¿Otra vez? Una sencilla visión de la convergencia económica en los departamentos de Colombia: 1975-2005," ARCHIVOS DE ECONOMÍA 009230, DEPARTAMENTO NACIONAL DE PLANEACIÓN.
  9. Takashi Kamihigashi & John Stachurski, 2011. "Stability of Stationary Distributions in Monotone Economies," ANU Working Papers in Economics and Econometrics 2011-561, Australian National University, College of Business and Economics, School of Economics.
  10. Richard Anton Braun & Huiyu Li & John Stachurski, 2009. "Computing Densities and Expectations in Stochastic Recursive Economies: Generalized Look-Ahead Techniques," CIRJE F-Series CIRJE-F-620, CIRJE, Faculty of Economics, University of Tokyo.

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