Dynamic Macroeconomic Analysis Theory And Policy In General Equilibrium Pdf

dynamic macroeconomic analysis theory and policy in general equilibrium pdf

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It seems that you're in Germany. We have a dedicated site for Germany. This textbook offers a unique approach to macroeconomic theory built on microeconomic foundations of monetary macroeconomics within a unified framework of an intertemporal general equilibrium model extended to a sequential and dynamic analysis.

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Introduction to Dynamic Macroeconomic General Equilibrium Models

A macroeconomic model is an analytical tool designed to describe the operation of the problems of economy of a country or a region. These models are usually designed to examine the comparative statics and dynamics of aggregate quantities such as the total amount of goods and services produced, total income earned, the level of employment of productive resources, and the level of prices. Thus, macroeconomic models are widely used in academia in teaching and research, and are also widely used by international organizations, national governments and larger corporations, as well as by economic consultants and think tanks. These models share several features. They are based on a few equations involving a few variables, which can often be explained with simple diagrams. The variables that appear in these models often represent macroeconomic aggregates such as GDP or total employment rather than individual choice variables, and while the equations relating these variables are intended to describe economic decisions, they are not usually derived directly by aggregating models of individual choices. They are simple enough to be used as illustrations of theoretical points in introductory explanations of macroeconomic ideas; but therefore quantitative application to forecasting, testing, or policy evaluation is usually impossible without substantially augmenting the structure of the model.

Journal of Economic Modeling Research

Greenwood, J. James P. Batina, McCallum, Bennett T. McCallum, B.


Request PDF | Dynamic Macroeconomic Analysis:Theory and Policy in General Equilibrium | Dynamic stochastic general equilibrium (DSGE).


Macroeconomic model

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General Equilibrium Theory

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Introduction to Dynamic Macroeconomic General Equilibrium Models

Greenwood, J. James P. Batina, McCallum, Bennett T. McCallum, B. Bennett T. Anton Braun, R.

This issue goes further. We, as editors, now argue that a new multiple-equilibrium and diverse MEADE paradigm is needed for macroeconomics. It will emphasize that economies can have more than one stable outcome, and study why. It will require using both toy models, which enable a quick, first-pass, intuitive understanding of a question, and policy models aka structural economic models which develop a detailed empirical understanding of the economy. In the past the models have adapted as the questions changed, and the NK-DSGE model must now do this since it has failed to capture both the salient aspects of the lead-up to the crisis and the slow recovery afterwards. The way forward in the MEADE paradigm will be to start with simple models, ideally two-dimensional sketches, that explain mechanisms that can cause multiple equilibria. These mechanisms should then be incorporated into larger DSGE models in a new, multiple-equilibrium synthesis.

What determines the cyclical behavior of aggregate inflation and regional inflation differentials? The answer has strong implications for monetary policy and in Europe for the Stability and Growth Pact. In the United States, inflation rates move pro-cyclically, and across the Euro Area, inflation differentials are positively correlated with growth differentials. This suggests that demand shocks are the primary determinants of the cyclical behavior of aggregate inflation and regional inflation differentials. In this paper, we discuss New Keynesian explanations of these correlations, and we argue that demand shocks are either missing or inadequately modeled in the in typical New Keynesian model.

Course Type : Graduate 1st Year. Course Description : This course introduces theoretical and methodological underpinnings of modern macroeconomics. Programming Languages Used : Matlab, Dynare. Note 1 : A chapter by Fernandez-Villaverde, Rubio-Ramirez, and Schorfheide covers many topics we will go through in this course.

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Macroeconomic model

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