Introduction to dynamic macroeconomic general equilibrium models / José L. Torres.

Format:

Book

Author/Creator:

Torres, José L., author.

Series:

Vernon Series in Economic Methodology

Language:

English

Subjects (All):

Macroeconomics.

Equilibrium (Economics).

Physical Description:

1 online resource (269 p.)

Edition:

1st ed.

Place of Publication:

Wilmington, Delaware : Vernon Press, 2016.

Summary:

This book offers an introductory step-by-step course in Dynamic Stochastic General Equilibrium (DSGE) modelling. Modern macroeconomic analysis is increasingly concerned with the construction, calibration and/or estimation and simulation of DSGE models. The book is intended for graduate students as an introductory course to DSGE modelling and for those economists who would like a hands-on approach to learning the basics of modern dynamic macroeconomic modelling. The book starts with the simplest canonical neoclassical DSGE model and then gradually extends the basic framework incorporating a var

Contents:

I Introduction to DSGE modelling; 1 Introduction; 1.1 Macroeconomic DSGE Modelling; 1.2 DSGE software; 1.3 Book organization; 2 The Canonical Dynamic Macroeconomic General Equilibrium model; 2.1 Introduction; 2.2 Households; 2.2.1 Alternative functional forms for the utility function; 2.3 The firms; 2.3.1 Alternative functional forms of the production function; 2.4 Model Equilibrium; 2.4.1 Model Equilibrium (Competitive Equilibrium); 2.4.2 Model Equilibrium (Central Planning); 2.5 The Steady State; 2.6 The Dynamic Stochastic General Equilibrium model

2.7 Equations of the model and calibration 2.7.1 Equilibrium equations; 2.7.2 Calibration; 2.8 Aggregate productivity shock; 2.9 Conclusions; II Deviations from the Permanent Income-Life Cycle hypothesis; 3 Habit Formation; 3.1 Introduction; 3.2 Habit formation; 3.3 The model; 3.3.1 Households; 3.3.2 The firms; 3.3.3 Equilibrium; 3.4 Equations of the model and calibration; 3.5 Total Factor Productivity shock; 3.6 Conclusions; 4 Non-Ricardian Agents; 4.1 Introduction; 4.2 Ricardian and Non-Ricardian Agents; 4.3 The model; 4.3.1 Ricardian Households; 4.3.2 Non-Ricardian Households

4.3.3 Aggregation 4.3.4 The firms; 4.3.5 Equilibrium of the model; 4.4 Equations of the model and calibration; 4.5 Total Factor Productivity shock; 4.6 Conclusions; III Investment and Capital Accumulation; 5 Investment adjustment costs; 5.1 Introduction; 5.2 Investment adjustment costs; 5.3 The model; 5.3.1 Households; 5.3.2 The firms; 5.3.3 Equilibrium of the model; 5.4 Equations of the model and calibration; 5.5 Total Factor Productivity Shock; 5.6 Conclusions; 6 Investment-Specific Technological Change; 6.1 Introduction; 6.2 Investment-specific technological change; 6.3 The model

6.3.1 Households 6.3.2 The firms; 6.3.3 Equilibrium of the model; 6.3.4 The balanced growth path; 6.4 Equations of the model and calibration; 6.5 Investment-Specific Technological shock; 6.6 Conclusions; IV The government; 7 Taxes; 7.1 Introduction; 7.2 Taxes; 7.3 The model; 7.3.1 Households; 7.3.2 The firms; 7.3.3 The government; 7.3.4 Equilibrium of the model; 7.4 Equations of the model and calibration; 7.5 The Laffer curve; 7.6 Taxes changes; 7.7 Total Factor Productivity shock; 7.8 Conclusions; 8 Public Spending; 8.1 Introduction; 8.2 Public spending; 8.3 The model; 8.3.1 Households

8.3.2 The firms 8.3.3 The government; 8.3.4 Equilibrium of the model; 8.3.5 An alternative functional form for aggregate consumption; 8.4 Equations of the model and calibration; 8.5 Public consumption change; 8.6 Conclusions; 9 Public Capital; 9.1 Introduction; 9.2 Public capital; 9.3 The model; 9.3.1 Households; 9.3.2 Firms; 9.3.3 The government; 9.3.4 Equilibrium of the model; 9.4 Equations of the model and calibration; 9.5 Public investment shock; 9.6 Conclusions; V Time Decisions; 10 Human Capital; 10.1 Introduction; 10.2 Human Capital; 10.3 The Model; 10.3.1 Households; 10.3.2 Firms

10.4 Equations of the model and calibration

Notes:

Description based upon print version of record.

Description based on online resource; title from PDF title page (ebrary, viewed August 25, 2016).

ISBN:

9781622730452

1622730453

OCLC:

957128121