Nonlinear Labor Market Dynamics
Nonlinear Labor Market Dynamics

Author: Michael Neugart

Publisher: Springer Science & Business Media

Published: 2012-12-06

Total Pages: 181

ISBN-13: 3642583482

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Nonlinear Labor Market Dynamics discusses adjustment processes in labor markets. Contrary to linear-stochastic approaches this book is based on a non-linear deterministic framework. It is shown that even textbook-like-models of the labor market can generate long lasting adjustment processes, local instabilities, and chaotic movements, once nonlinear relationships and widely accepted adjustment rules are introduced. Thus, labor market dynamics may have an endogenous component that is governed by a nonlinear deterministic core. Of course, all results are tied to the particular models discussed in this book. Nevertheless, these models imply that by incorporating nonlinear relationships, one may arrive at an explanation of labor market behavior where linear stochastic approaches fell. Time series studies for German labor market data support this point of view.

Nonlinear Labor Market Dynamics
Nonlinear Labor Market Dynamics

Author: Michael Neugart

Publisher:

Published: 2000-05-06

Total Pages: 192

ISBN-13: 9783642583490

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Nonlinear Labor Market Dynamics discusses adjustment processes in labor markets. Contrary to linear-stochastic approaches this book is based on a non-linear deterministic framework. It is shown that even textbook-like-models of the labor market can generate long lasting adjustment processes, local instabilities, and chaotic movements, once nonlinear relationships and widely accepted adjustment rules are introduced. Thus, labor market dynamics may have an endogenous component that is governed by a nonlinear deterministic core. Of course, all results are tied to the particular models discussed in this book. Nevertheless, these models imply that by incorporating nonlinear relationships, one may arrive at an explanation of labor market behavior where linear stochastic approaches fell. Time series studies for German labor market data support this point of view.

Disequilibrium, Growth and Labor Market Dynamics
Disequilibrium, Growth and Labor Market Dynamics

Author: Carl Chiarella

Publisher: Springer Science & Business Media

Published: 2013-06-29

Total Pages: 487

ISBN-13: 3662040700

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In this book on disequilibrium, growth and labor market dynamics we take predominantly a macroeconomic perspective. We present a working model that can easily be varied in different directions in order to subsume innovations in the literature on macroeconomics, old and new, and to contribute to important currently discussed macroeconomic issues. Our working model is set up in a way that there is a close relationship between our presented dynamic models and modern macro econometric models with disequilibrium both in the labor and the goods markets. One of our objectives is, therefore, to narrow the gap between theoretical and applied structural macrodynamic model building. We hope that the book will be a useful reference for all researchers, academic teachers and practitioners of macroeconomic and macro econometric model building who are interested in economic dynamics, independently of whether they use equilibrium or disequilibrium methods in their own research. We base this hope on the fact that our approach contains a number of unique features. The emphasis on the identification and analysis of the basic feedback mechanisms at work in modern macro economies. A detailed study of the partial as well as integrated dynamic interaction between these feedback mechanisms that consti tute the interdependence of markets and sectors of the modern macro economy. The rela tionship between the macroeconomic framework of our working model and the Walrasian, Non-Walrasian and New-Keynesian reformulations of macroeconomics.

Quantitative and Empirical Analysis of Nonlinear Dynamic Macromodels
Quantitative and Empirical Analysis of Nonlinear Dynamic Macromodels

Author: Carl Chiarella

Publisher: Emerald Group Publishing

Published: 2006-05-30

Total Pages: 563

ISBN-13: 0444521224

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This book represents an ongoing research agenda the aim of which is to contribute to the Keynesian paradigm in macroeconomics. It examines the Dynamic General Equilibrium (DGE) model, the assumption of intertemporal optimizing behavior of economic agents, competitive markets and price mediated market clearing through flexible wages and prices.

Labor, Credit, and Goods Markets
Labor, Credit, and Goods Markets

Author: Nicolas Petrosky-Nadeau

Publisher: MIT Press

Published: 2017-11-10

Total Pages: 271

ISBN-13: 0262036452

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An integrated framework to study the theoretical and quantitative properties of economies with frictions in labor, financial, and goods markets. This book offers an integrated framework to study the theoretical and quantitative properties of economies with frictions in multiple markets. Building on analyses of markets with frictions by 2010 Nobel laureates Peter A. Diamond, Dale T. Mortensen, and Christopher A. Pissarides, which provided a new theoretical approach to search markets, the book applies this new paradigm to labor, finance, and goods markets. It shows, in particular, how frictions in different markets interact with each other. The book first covers the main developments in the analysis of the labor market in the presence of frictions, offering a systematic analysis of the dynamics of this environment and explaining the notion of macroeconomic volatility. Then, building on the generality and simplicity of the search analysis, the book adapts it to other markets, developing the tools and concepts to analyze friction in these markets. The book goes beyond the traditional general equilibrium analysis of markets, which is often frictionless. It begins with the standard analysis of a single market, and then sequentially integrates more markets into the analysis, progressing from labor to financial to goods markets. Along the way, the book provides a number of useful results and insights, including the existence of a direct link between search frictions and the degree of volatility in the economy.

The Measurement of Market Risk
The Measurement of Market Risk

Author: Pierre-Yves Moix

Publisher: Springer Science & Business Media

Published: 2012-12-06

Total Pages: 281

ISBN-13: 364256481X

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This book is a revised version of my doctoral dissertation submitted to the University of St. Gallen in October 1999. I would like to thank Dr. oec. Marc Wildi whose careful reading of much of the text led to many improvements. All errors remain mine. Pfiiffikon SZ, Switzerland, March 2001 Pierre-Yves Moix Preface to the dissertation "Education is man's going forward from cocksure ignorance to thoughtful uncertainty" Don Clark's Scrapbook quoted in Wonnacott and Wonnacott (1990). After several years of banking practice, I decided to give up some of my certitudes and considered this thesis project a good opportunity to study some of the quantitative tools necessary for the modelling of uncertainty. lowe very much to Prof. Dr. Karl Frauendorfer, the referee of my thesis, for the time he took to read the manuscript and for the numerous valuable suggestions he made. I am also very grateful to Prof. Dr. Klaus Spremann who kindly accepted to co-refer my thesis and who strengthened my inter est in finance during my study period. During my time at the Institute for Operations Research of the University of St. Gallen (lfU-HSG) I had the opportunity to participate in the project "RiskLab" which provides a very profitable link between finance practice and academics. I would especially like to thank Dr. Christophe Rouvinez from Credit Suisse for his comments and all the data he provided so generously.

Conditional Moment Estimation of Nonlinear Equation Systems
Conditional Moment Estimation of Nonlinear Equation Systems

Author: Joachim Inkmann

Publisher: Springer Science & Business Media

Published: 2001

Total Pages: 228

ISBN-13: 9783540412076

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Generalized method of moments (GMM) estimation of nonlinear systems has two important advantages over conventional maximum likelihood (ML) estimation: GMM estimation usually requires less restrictive distributional assumptions and remains computationally attractive when ML estimation becomes burdensome or even impossible. This book presents an in-depth treatment of the conditional moment approach to GMM estimation of models frequently encountered in applied microeconometrics. It covers both large sample and small sample properties of conditional moment estimators and provides an application to empirical industrial organization. With its comprehensive and up-to-date coverage of the subject which includes topics like bootstrapping and empirical likelihood techniques, the book addresses scientists, graduate students and professionals in applied econometrics.

Strategic Trading in Illiquid Markets
Strategic Trading in Illiquid Markets

Author: Burkart Mönch

Publisher: Springer Science & Business Media

Published: 2006-01-13

Total Pages: 130

ISBN-13: 3540263152

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The Area of Research and the Object of Investigation In this thesis we will investigate trading strategies in illiquid markets from a market microstructure perspective. Market microstructure is the academic term for the branch of financial economics that investigates trading and the organization of security markets, see, e. g. , Harris (2002). Historically, exchanges evolved as a location, where those interested in buy ing or selling securities could meet physically to transact. Thus, traditionally security trading was organized on exchange floors, where so-called dealers arranged all trades and provided liquidity by quoting prices at which they were willing buy or sell. Consequently, the initial surge of the market mi crostructure literature focused predominantly on this type of market design, which is often referred to as quote-driven. Nowadays, the interest is shifting towards order-driven markets. Beginning with the Toronto Stock Exchange in the mid 1970s and increasing in fre quency and scope, this market structure has emerged as the preeminent form of security trading worldwide. In order-driven markets, exchanges arrange trades by matching public orders, often by employing automatic execution systems. Introduction A major difference between a quote-driven and an order-driven market arises from the transparency pre- and post-trade. The pre-trade transparency con cerns the question whether the order book is visible to the keeper only, or whether it is open to the public.

Topics in Dynamic Model Analysis
Topics in Dynamic Model Analysis

Author: Mario Faliva

Publisher: Springer Science & Business Media

Published: 2006-01-20

Total Pages: 152

ISBN-13: 354029239X

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Classical econometrics - which plunges its roots in economic theory with simultaneous equations models (SEM) as offshoots - and time series econometrics - which stems from economic data with vector autoregr- sive (VAR) models as offsprings - scour, like the Janus's facing heads, the flowing of economic variables so as to bring to the fore their autonomous and non-autonomous dynamics. It is up to the so-called final form of a dy namic SEM, on the one hand, and to the so-called representation theorems of (unit-root) VAR models, on the other, to provide informative closed form expressions for the trajectories, or time paths, of the economic vari ables of interest. Should we look at the issues just put forward from a mathematical standpoint, the emblematic models of both classical and time series econometrics would turn out to be difference equation systems with ad hoc characteristics, whose solutions are attained via a final form or a represen tation theorem approach. The final form solution - algebraic technicalities apart - arises in the wake of classical difference equation theory, display ing besides a transitory autonomous component, an exogenous one along with a stochastic nuisance term. This follows from a properly defined ma trix function inversion admitting a Taylor expansion in the lag operator be cause of the assumptions regarding the roots of a determinant equation pe culiar to SEM specifications.

Computer-Aided Scheduling of Public Transport
Computer-Aided Scheduling of Public Transport

Author: Stefan Voß

Publisher: Springer Science & Business Media

Published: 2012-12-06

Total Pages: 465

ISBN-13: 3642564232

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This proceedings volume consists of selected papers presented at the Eighth International Conference on Computer-Aided Scheduling 0/Public Transport (CASPT 2000), which was held at the conference center of the Konrad rd Adenauer-Foundation in Berlin, Germany, from June 2pt to 23 , 2000. The CASPT 2000 is the continuation of aseries of international workshops and conferences presenting recent research and progress in computer-aided scheduling in public transport.Previous workshops and conferences were held in • Chicago (1975), • Leeds (1980), • Montreal (1983 and 1990), • Hamburg (1987), • Lisbon (1993) and • Cambridge, Mass. (1997).1 With CASPT 2000, our series of workshops and conferences celebrated th its 25 anniversary. Starting with a Workshop on Automated Techniques [or Scheduling 0/ Vehicle Operators [or Urban Public Transportation Services in 1975 the scope and purpose has broadened since and still continues to do so. The previous workshops and conferences were focused on public mass transit, and while this remained the primary focus ofthe 2000 conference, it included also computer-aided scheduling methods being developed and applied in re lated means of passenger transport systems. Commonalities regarding op erations research techniques such as, e.g., column generation techniques and 1 While there were no formal proceedings for the first workshop but only a p- printed copy of all papers issued to participants on arrival, the subsequent ones are weil documented as folIows: Wren, A. (Ed.) (1981). Computer Scheduling 0/ Public Transport. North Holland, Amsterdam.