Stochastic Dynamic Macroeconomics: Theory and Empirical Evidence
AbstractThis 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 perceived 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.
Download InfoTo our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Bibliographic InfoThis book is provided by Oxford University Press in its series OUP Catalogue with number 9780195301625 and published in 2006.
Contact details of provider:
Web page: http://www.oup.com/
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Willi Semmler & Stephanie Becker & Lars Gruene, 2006.
"Comparing Accuracy of Second Order Approximation and Dynamic Programming,"
Computing in Economics and Finance 2006
469, Society for Computational Economics.
- Stephanie Becker & Lars Grüne & Willi Semmler, 2007. "Comparing accuracy of second-order approximation and dynamic programming," Computational Economics, Society for Computational Economics, vol. 30(1), pages 65-91, August.
- Mittnik, Stefan & Semmler, Willi, 2012. "Regime dependence of the fiscal multiplier," Journal of Economic Behavior & Organization, Elsevier, vol. 83(3), pages 502-522.
- Ernst, Ekkehard & Gong, Gang & Semmler, Willi & Bukeviciute, Lina, 2006. "Quantifying the impact of structural reforms," Working Paper Series 0666, European Central Bank.
- Udaibir S. Das & Yinqiu Lu & Michael G Papaioannou & Iva Petrova, 2012. "Sovereign Risk and Asset and Liability Managementâ€”Conceptual Issues," IMF Working Papers 12/241, International Monetary Fund.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Economics Book Marketing).
If references are entirely missing, you can add them using this form.