Download or read book The Representative Agent in Macroeconomics written by James E Hartley and published by Routledge. This book was released on 2002-01-04 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: Rpresentative agent models have become a predominant means of studying the macroeconomy in modern economics without there being much discussion in the literature about their propriety or usefulness. This volume evaluates the use of these models in macroeconomics, examining the justifications for their use and concluding that representative agent models are neither a proper nor a particularly useful means of studying aggregate behaviour.
Download or read book Heterogeneity and the Representative Agent in Macroeconomics written by Serguei Maliar and published by . This book was released on 1996 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Representative Agent Models and Macroeconomic Policy written by Naveen Srinivasan and published by . This book was released on 2002 with total page 422 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Beyond the Representative Agent written by Mauro Gallegati and published by Edward Elgar Publishing. This book was released on 1999 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors argue for an approach to economic analysis which regards the economy as an interactive system with heterogenous agents and not a system which treats aggregates as some representative individual. They then apply this approach to macro- and micro-analyses including monetary policy and firms, technological innovation and the insider-outsider model. They find that this approach proves more fruitful in explaining empirical phenomena than much of the existing theory.
Download or read book Income Distribution in Macroeconomic Models written by Giuseppe Bertola and published by Princeton University Press. This book was released on 2014-09-28 with total page 440 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book looks at the distribution of income and wealth and the effects that this has on the macroeconomy, and vice versa. Is a more equal distribution of income beneficial or harmful for macroeconomic growth, and how does the distribution of wealth evolve in a market economy? Taking stock of results and methods developed in the context of the 1990s revival of growth theory, the authors focus on capital accumulation and long-run growth. They show how rigorous, optimization-based technical tools can be applied, beyond the representative-agent framework of analysis, to account for realistic market imperfections and for political-economic interactions. The treatment is thorough, yet accessible to students and nonspecialist economists, and it offers specialist readers a wide-ranging and innovative treatment of an increasingly important research field. The book follows a single analytical thread through a series of different growth models, allowing readers to appreciate their structure and crucial assumptions. This is particularly useful at a time when the literature on income distribution and growth has developed quickly and in several different directions, becoming difficult to overview.
Download or read book Emergent Macroeconomics written by Domenico Gatti and published by Springer Science & Business Media. This book was released on 2008-12-05 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: This valuable book contributes substantively to the current state-of-the-art of macroeconomics. It provides a method for building models in which business cycles and economic growth emerge from the interactions of a large number of heterogeneous agents. Drawing from recent advances in agent-based computational modeling, the authors show how insights from dispersed fields can be fruitfully combined to improve our understanding of macroeconomic dynamics.
Download or read book Solving the Dynamics of a Non linear Representative Agent Model written by Ric D. Herbert and published by . This book was released on 1999 with total page 6 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Economic Agents written by Fouad Sabry and published by One Billion Knowledgeable. This book was released on 2023-11-10 with total page 758 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is Economic Agents An agent is a participant or actor in an economic model representing some component of the economy. In most cases, a decision is made by an agent by means of the resolution of an optimization or choice problem, which may or may not be clearly specified. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Agent (economics) Chapter 2: Economics Chapter 3: General equilibrium theory Chapter 4: New Keynesian economics Chapter 5: Experimental economics Chapter 6: Representative agent Chapter 7: Macroeconomic model Chapter 8: Computational economics Chapter 9: Overlapping generations model Chapter 10: Lange model Chapter 11: Sonnenschein-Mantel-Debreu theorem Chapter 12: Aggregation problem Chapter 13: Agent-based computational economics Chapter 14: Dynamic stochastic general equilibrium Chapter 15: Microfoundations Chapter 16: Per Krusell Chapter 17: New classical macroeconomics Chapter 18: History of macroeconomic thought Chapter 19: Truman Bewley Chapter 20: Heterogeneity in economics Chapter 21: Optimal capital income taxation (II) Answering the public top questions about economic agents. (III) Real world examples for the usage of economic agents in many fields. (IV) Rich glossary featuring over 1200 terms to unlock a comprehensive understanding of economic agents Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of economic agents.
Download or read book The Oxford Handbook of Computational Economics and Finance written by Shu-Heng Chen and published by Oxford University Press. This book was released on 2018-01-12 with total page 785 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Oxford Handbook of Computational Economics and Finance provides a survey of both the foundations of and recent advances in the frontiers of analysis and action. It is both historically and interdisciplinarily rich and also tightly connected to the rise of digital society. It begins with the conventional view of computational economics, including recent algorithmic development in computing rational expectations, volatility, and general equilibrium. It then moves from traditional computing in economics and finance to recent developments in natural computing, including applications of nature-inspired intelligence, genetic programming, swarm intelligence, and fuzzy logic. Also examined are recent developments of network and agent-based computing in economics. How these approaches are applied is examined in chapters on such subjects as trading robots and automated markets. The last part deals with the epistemology of simulation in its trinity form with the integration of simulation, computation, and dynamics. Distinctive is the focus on natural computationalism and the examination of the implications of intelligent machines for the future of computational economics and finance. Not merely individual robots, but whole integrated systems are extending their "immigration" to the world of Homo sapiens, or symbiogenesis.
Download or read book Income Distribution in Macroeconomic Models written by Giuseppe Bertola and published by Princeton University Press. This book was released on 2014-09-28 with total page 439 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book looks at the distribution of income and wealth and the effects that this has on the macroeconomy, and vice versa. Is a more equal distribution of income beneficial or harmful for macroeconomic growth, and how does the distribution of wealth evolve in a market economy? Taking stock of results and methods developed in the context of the 1990s revival of growth theory, the authors focus on capital accumulation and long-run growth. They show how rigorous, optimization-based technical tools can be applied, beyond the representative-agent framework of analysis, to account for realistic market imperfections and for political-economic interactions. The treatment is thorough, yet accessible to students and nonspecialist economists, and it offers specialist readers a wide-ranging and innovative treatment of an increasingly important research field. The book follows a single analytical thread through a series of different growth models, allowing readers to appreciate their structure and crucial assumptions. This is particularly useful at a time when the literature on income distribution and growth has developed quickly and in several different directions, becoming difficult to overview.
Download or read book Conundrums of the Representative Agent written by D. Wade Hands and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the increased use of the utility-maximizing representative agent in both contemporary macroeconomics (DSGE in particular) and microeconomics (revealed preference theory in particular). It is argued that the economists who developed Walrasian general equilibrium theory and revealed preference theory during the middle of the twentieth century were aware that the use of a single representative agent would simplify their analysis, but sill resisted employing it. The paper discusses a number of developments - both within economic theory and more broadly - that accommodated the rise of the representative agent in more recent economic theory.
Download or read book Essays in Heterogeneous Agent Macroeconomics written by Nobuhide Okahata and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In these essays, I study the implications of macroeconomic policies under the environment with rich heterogeneities of economic agents. The analyses in these essays highlight that income and wealth inequality among agents could change the responses of macroeconomic policies and large aggregate shocks from those in the representative agent models. These results could modify our understanding of economic dynamics and the effect of macroeconomic policies. As an illustration, I focus on the monetary policy in a closed economy model and capital controls in an open economy model. I also develop a new nonlinear and global numerical solution method to analyze a class of heterogeneous-agent macroeconomic models. In the first chapter, ''An Alternative Solution Method for Continuous-Time Heterogeneous Agent Models with Aggregate Shocks'', I propose an alternative solution method for continuous-time heterogeneous agent models with aggregate shocks by extending the Backward Induction method developed initially for discrete-time models by Reiter (2010). The existing methods commonly used in the literature essentially rely on the local linearization and are only applicable to the problems where certainty equivalence with respect to aggregate shocks holds. On the other hand, the proposed method is nonlinear and global with respect to both idiosyncratic and aggregate shocks and thus suitable to investigate models where large aggregate shocks exist or nonlinearity matters. I apply this method to solve a Krusell and Smith (1998) economy and evaluate its performance along two dimensions: accuracy and computation speed. I find that the proposed method is accurate even with large aggregate shocks and high curvature without surrendering computation speed (the baseline economy is solved within a few seconds). This new method is also applied to a model with recursive utility and an Overlapping Generations (OLG) model, and it is able to solve both models quickly and accurately. In the second chapter, ''Consumption Inequality and Monetary Policy in a Heterogeneous-Agent New Keynesian Model'', I consider a continuous-time heterogenous-agent New Keynesian model with the wealth effect of the labor supply and study quantitative implications of additional insurance mechanisms available to the households. Our numerical experiment illustrates cross-sectional consumption inequality increases after a contractionary monetary policy shock which is consistent with the previous empirical result while it contradicts with predictions of the model without the wealth effect of the labor supply. Furthermore, consumption response to contractionary monetary policy shock is dampened, and a cross-sectional average of utilities decreases while the opposite is true in the model without wealth effect. These results suggest that propagation of monetary policy shock to the aggregate variables and welfare depends critically on additional insurance instruments available to agents. The third chapter, ''Capital Controls under Income Heterogeneity'', studies the welfare implication of capital controls under the small open economy model with the idiosyncratic income risks and the borrowing constraints. A calibrated model computes the change in welfare for different levels of capital controls. Compared to the recent studies, welfare gain of capital controls becomes small under agent income heterogeneity. For the economy with low borrowing capacity, capital controls become more effective compared to the baseline case.
Download or read book Emergent Macroeconomics written by Domenico Gatti and published by Springer. This book was released on 2008-04-14 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt: This valuable book contributes substantively to the current state-of-the-art of macroeconomics. It provides a method for building models in which business cycles and economic growth emerge from the interactions of a large number of heterogeneous agents. Drawing from recent advances in agent-based computational modeling, the authors show how insights from dispersed fields can be fruitfully combined to improve our understanding of macroeconomic dynamics.
Download or read book International Macroeconomic Dynamics written by Stephen J. Turnovsky and published by MIT Press. This book was released on 1997 with total page 514 pages. Available in PDF, EPUB and Kindle. Book excerpt: International Macroeconomic Dynamics provides extensive applications of important macroeconomic dynamic models to the international economy. For a long time, the study of macroeconomics has focused almost exclusively on a closed economy and downplayed the role of international transactions. Today, however, researchers recognize that one cannot fully understand domestic macroeconomic relationships without considering the global economy within which each country operates. Increasingly, economists are treating international transactions as an integral part of the macroeconomic system, and international macroeconomics has become an area of intensive research activity. International Macroeconomic Dynamics provides extensive applications of important macroeconomic dynamic models to the international economy. It adopts the main contemporary macroeconomic framework, the representative agent model, and develops a series of models of increasing complexity. The author considers both small and large economies and analyzes them in both deterministic and stochastic contexts. The emphasis is very much on the development of the analytical models; a novel feature is the extensive use of continuous-time stochastic methods. While the author applies the models to a range of important policy issues, particularly issues of fiscal policy, the reader is invited to view the analyses as blueprints for other applications.
Download or read book Introduction to Quantitative Macroeconomics Using Julia written by Petre Caraiani and published by Academic Press. This book was released on 2018-08-29 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: Introduction to Quantitative Macroeconomics Using Julia: From Basic to State-of-the-Art Computational Techniques facilitates access to fundamental techniques in computational and quantitative macroeconomics. It focuses on the recent and very promising software, Julia, which offers a MATLAB-like language at speeds comparable to C/Fortran, also discussing modeling challenges that make quantitative macroeconomics dynamic, a key feature that few books on the topic include for macroeconomists who need the basic tools to build, solve and simulate macroeconomic models. This book neatly fills the gap between intermediate macroeconomic books and modern DSGE models used in research. Combines an introduction to Julia, with the specific needs of macroeconomic students who are interested in DSGE models and PhD students and researchers interested in building DSGE models Teaches fundamental techniques in quantitative macroeconomics by introducing theoretical elements of key macroeconomic models and their potential algorithmic implementations Exposes researchers working in macroeconomics to state-of-the-art computational techniques for simulating and solving DSGE models
Download or read book Macroeconomic Model written by Fouad Sabry and published by One Billion Knowledgeable. This book was released on 2024-04-15 with total page 297 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is Macroeconomic Model 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. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Macroeconomic model Chapter 2: Macroeconomics Chapter 3: Rational expectations Chapter 4: New Keynesian economics Chapter 5: Monopoly profit Chapter 6: Fiscal policy Chapter 7: Phillips curve Chapter 8: Nominal rigidity Chapter 9: Lucas critique Chapter 10: Representative agent Chapter 11: Economic model Chapter 12: Computational economics Chapter 13: Demand for money Chapter 14: Dynamic stochastic general equilibrium Chapter 15: Microfoundations Chapter 16: Neoclassical synthesis Chapter 17: History of macroeconomic thought Chapter 18: Jacques Drèze Chapter 19: Large-scale macroeconometric model Chapter 20: Heterogeneity in economics Chapter 21: Moral hazard (II) Answering the public top questions about macroeconomic model. (III) Real world examples for the usage of macroeconomic model in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Macroeconomic Model.
Download or read book Macroeconomic Theory written by Fernando de Holanda Barbosa and published by Springer. This book was released on 2018-09-20 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: Macroeconomics is the application of economic theory to the study of the economy’s growth, cycle and price-level determination. Macroeconomics takes account of stylized facts observed in the real world and builds theoretical frameworks to explain such facts. Economic growth is a stylized fact of market economies, since England’s nineteenth-century industrial revolution. Until then, poverty was a common good for humanity. Economic growth consists in the persistent, smooth and sustained increase of per-capita income. A market economy shows periods of expanding and contracting economic activity. This phenomenon is the economic cycle. The price of money is the amount of goods bought with one unit of money, in other words, the inverse of the price level. Determination of the price level, or the value of money, is a fascinating subject in a fiat money economy.
