The ABCs of RBCs

The ABCs of RBCs

Author: George McCandless

Publisher: Harvard University Press

Published: 2008-03-31

Total Pages: 448

ISBN-13: 0674033787

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The ABCs of RBCs is the first book to provide a basic introduction to Real Business Cycle (RBC) and New-Keynesian models. These models argue that random shocks—new inventions, droughts, and wars, in the case of pure RBC models, and monetary and fiscal policy and international investor risk aversion, in more open interpretations—can trigger booms and recessions and can account for much of observed output volatility. George McCandless works through a sequence of these Real Business Cycle and New-Keynesian dynamic stochastic general equilibrium models in fine detail, showing how to solve them, and how to add important extensions to the basic model, such as money, price and wage rigidities, financial markets, and an open economy. The impulse response functions of each new model show how the added feature changes the dynamics. The ABCs of RBCs is designed to teach the economic practitioner or student how to build simple RBC models. Matlab code for solving many of the models is provided, and careful readers should be able to construct, solve, and use their own models. In the tradition of the “freshwater” economic schools of Chicago and Minnesota, McCandless enhances the methods and sophistication of current macroeconomic modeling.


Introduction to Dynamic Macroeconomic Theory

Introduction to Dynamic Macroeconomic Theory

Author: George T. McCandless

Publisher: Harvard University Press

Published: 1991

Total Pages: 392

ISBN-13: 9780674461116

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Economies are constantly in flux, and economists have long sought reliable means of analyzing their dynamic properties. This book provides a succinct and accessible exposition of modern dynamic (or intertemporal) macroeconomics. The authors use a microeconomics-based general equilibrium framework, specifically the overlapping generations model, which assumes that in every period there are two generations which overlap. This model allows the authors to fully describe economies over time and to employ traditional welfare analysis to judge the effects of various policies. By choosing to keep the mathematical level simple and to use the same modeling framework throughout, the authors are able to address many subtle economic issues. They analyze savings, social security systems, the determination of interest rates and asset prices for different types of assets, Ricardian equivalence, business cycles, chaos theory, investment, growth, and a variety of monetary phenomena. Introduction to Dynamic Macroeconomic Theory will become a classic of economic exposition and a standard teaching and reference tool for intertemporal macroeconomics and the overlapping generations model. The writing is exceptionally clear. Each result is illustrated with analytical derivations, graphically, and by worked out examples. Exercises, which are strategically placed, are an integral part of the book.


MACROECONOMICS BEYOND THE NAIRU

MACROECONOMICS BEYOND THE NAIRU

Author: Servaas Storm

Publisher: Harvard University Press

Published: 2012-01-02

Total Pages: 303

ISBN-13: 9780674062276

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The authors make a strong case that a stable non-accelerating inflation rate of unemployment (NAIRU), independent of macroeconomic policy, does not exist. Consequently, government decisions based on the NAIRU are not only misguided but have huge and avoidable social costs, namely, high unemployment and sustained inequality.


Raising Keynes

Raising Keynes

Author: Stephen A. Marglin

Publisher: Harvard University Press

Published: 2020-07-14

Total Pages: 921

ISBN-13: 0674971027

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Back to the future: a heterodox economist rewrites Keynes's General Theory of Employment, Interest, and Money to serve as the basis for a macroeconomics for the twenty-first century. John Maynard Keynes's General Theory of Employment, Interest, and Money was the most influential economic idea of the twentieth century. But, argues Stephen Marglin, its radical implications were obscured by Keynes's lack of the mathematical tools necessary to argue convincingly that the problem was the market itself, as distinct from myriad sources of friction around its margins. Marglin fills in the theoretical gaps, revealing the deeper meaning of the General Theory. Drawing on eight decades of discussion and debate since the General Theory was published, as well as on his own research, Marglin substantiates Keynes's intuition that there is no mechanism within a capitalist economy that ensures full employment. Even if deregulating the economy could make it more like the textbook ideal of perfect competition, this would not address the problem that Keynes identified: the potential inadequacy of aggregate demand. Ordinary citizens have paid a steep price for the distortion of Keynes's message. Fiscal policy has been relegated to emergencies like the Great Recession. Monetary policy has focused unduly on inflation. In both cases the underlying rationale is the false premise that in the long run at least the economy is self-regulating so that fiscal policy is unnecessary and inflation beyond a modest 2 percent serves no useful purpose. Fleshing out Keynes's intuition that the problem is not the warts on the body of capitalism but capitalism itself, Raising Keynes provides the foundation for a twenty-first-century macroeconomics that can both respond to crises and guide long-run policy.


Economic Dynamics in Discrete Time

Economic Dynamics in Discrete Time

Author: Jianjun Miao

Publisher: MIT Press

Published: 2014-09-19

Total Pages: 737

ISBN-13: 0262325608

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A unified, comprehensive, and up-to-date introduction to the analytical and numerical tools for solving dynamic economic problems. This book offers a unified, comprehensive, and up-to-date treatment of analytical and numerical tools for solving dynamic economic problems. The focus is on introducing recursive methods—an important part of every economist's set of tools—and readers will learn to apply recursive methods to a variety of dynamic economic problems. The book is notable for its combination of theoretical foundations and numerical methods. Each topic is first described in theoretical terms, with explicit definitions and rigorous proofs; numerical methods and computer codes to implement these methods follow. Drawing on the latest research, the book covers such cutting-edge topics as asset price bubbles, recursive utility, robust control, policy analysis in dynamic New Keynesian models with the zero lower bound on interest rates, and Bayesian estimation of dynamic stochastic general equilibrium (DSGE) models. The book first introduces the theory of dynamical systems and numerical methods for solving dynamical systems, and then discusses the theory and applications of dynamic optimization. The book goes on to treat equilibrium analysis, covering a variety of core macroeconomic models, and such additional topics as recursive utility (increasingly used in finance and macroeconomics), dynamic games, and recursive contracts. The book introduces Dynare, a widely used software platform for handling a range of economic models; readers will learn to use Dynare for numerically solving DSGE models and performing Bayesian estimation of DSGE models. Mathematical appendixes present all the necessary mathematical concepts and results. Matlab codes used to solve examples are indexed and downloadable from the book's website. A solutions manual for students is available for sale from the MIT Press; a downloadable instructor's manual is available to qualified instructors.


An Introduction to Clinical Emergency Medicine

An Introduction to Clinical Emergency Medicine

Author: S. V. Mahadevan

Publisher: Cambridge University Press

Published: 2012-04-10

Total Pages: 911

ISBN-13: 0521747767

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Fully-updated edition of this award-winning textbook, arranged by presenting complaints with full-color images throughout. For students, residents, and emergency physicians.


Foundations of Modern Macroeconomics

Foundations of Modern Macroeconomics

Author: Ben J. Heijdra

Publisher: Oxford University Press

Published: 2017

Total Pages: 937

ISBN-13: 0198784139

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Using nothing more than undergraduate mathematical skills this book takes the reader from basic IS-LM style macro models to the state of the art literature on Dynamic Stochastic General Equilibrium. Dealing with all major topics it summarizes important approaches and provides a coherent angle on macroeconomic thought.


Sustainable Growth and Development of Economic Systems

Sustainable Growth and Development of Economic Systems

Author: Svetlana Ashmarina

Publisher: Springer

Published: 2019-03-15

Total Pages: 396

ISBN-13: 3030117545

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This contributed volume presents the outcomes of multidisciplinary studies on the problem of sustainable economic development. The key issues addressed here are economic transformation, crisis management, formation and implementation of industrial policy in the innovative economy, and the development of individual industries (oil refining, transport, education, tourism, the financial sector, etc.), as well as the problem of resistance to changes in the economy. Special attention is paid to economic growth under unstable conditions and the impact of digitalization on the development of economic processes. This book is dividided into five parts, the first of which deals with factors and conditions determining the sustainable development of different socio-economic systems, as well as issues in connection with the post-crisis development of regional economies. In turn, the second part is devoted to an analysis of the innovative development of the economy, risk assessment for innovation projects, readiness for changes and innovations, and various instruments of innovative economic development. Prospects for the digitalization of the economy and the current changes in economic systems caused by digitalization are considered in the third part of the book. In the fourth part, the authors discuss the specific features of labor market development, and professional competencies that will be essential to the sustainable development of the economy. In closing, the fifth part presents sectoral and intra-organizational aspects of sustainable economic development.


Inflation Theory in Economics

Inflation Theory in Economics

Author: Max Gillman

Publisher: Routledge

Published: 2009-03-23

Total Pages: 420

ISBN-13: 1134021739

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These essays bring together a progression in monetary theory. The major theme that runs through all of the chapters is that in order to do monetary economics well in general equilibrium, it helps to have a good money demand underlying the theory. A proper underlying money demand sets up arguably the best foundation from which to make extensions of monetary economics from the basic model. At the same time that money demand is modelled, this also “endogenizes” the velocity of money. This has been a challenge in the literature that these essays solve and then use to extend basic neoclassical growth and business cycle theory. Solving this problem, in a way that is a natural, direct, and “micro-founded” extension of the standard monetary theory is the first major contribution of the collection. The second major contribution is the extension of the neoclassical monetary models, using this solution, to reinvigorate classic issues of monetary economics and take them to the frontier.


Build Your Running Body: A Total-Body Fitness Plan for All Distance Runners, from Milers to Ultramarathoners - Run Farther, Faster, and Injury-Free

Build Your Running Body: A Total-Body Fitness Plan for All Distance Runners, from Milers to Ultramarathoners - Run Farther, Faster, and Injury-Free

Author: Melissa Breyer

Publisher: The Experiment, LLC

Published: 2014-07-29

Total Pages: 836

ISBN-13: 1615191038

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“The best running book ever.” —Bob Anderson, founder of Runner’s World Whether you’re a miler or an ultramarathoner, if you want a fit, fast, and injury-resistant running body, there’s a better way to train than relentlessly pursuing mileage. This easy-to-use workout manual draws on the latest research in running physiology to target all the components that go into every stride—including muscles, connective tissue, cardiovascular fitness, energy production, the nervous system, hormones, and the brain. With the breakthrough whole-body training program in Build Your Running Body, runners will improve their times, run longer and more comfortably, and reduce injury. With more than 150 workouts—from weightlifting and cross-training to resistance exercises and plyometrics—fine-tuned to individual skill levels and performance goals, PLUS: • 393 photos that make it easy to follow every step of every workout • 10 training programs to help runners of all levels integrate the total-body plan into their daily routines • Interviews with leading runners, exercise scientists, and coaches—learn how elite runners train today • Race strategy for the crucial weeks leading up to the competition and through to the finish line • Exercises to prevent injury and rehabilitate common running ailments • Seasoned insight on barefoot running, the pros and cons of stretching, and other hot-button topics • Nutrition guidance on carbs, proteins, fats, and weight loss • More than 30 recipes to speed recovery and cement fitness gains • Beginners’ guidelines every step of the way • Valuable tips on proper apparel, tracking your progress, and more!