Multisector Growth Models: Theory and Application / Edition 1

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The primary objective of this book is to advance the state of the art in specifying and—tting to data structural multi-sector dynamic macroeconomic models, and empirically implementing them. The fundamental construct upon which we build is the Ramsey model. A most attractive feature of this model is the insights it provides into the dynamics of an economy in tr- sition to long-run equilibrium. With some exceptions, Ramsey models are highly aggregated – typically single sector models. However, interest often lies in understanding the forces of e- nomic growth across multiple sectors of an economy and on how policy impacts likely play out over time. Such analyses call for more disaggregated models that can be fit to country or regional data.Thisbookshowshowto:(i)extendthebasicmodeltom- tiple sectors, (ii) how to adapt the basic model to account for policy instruments, and (iii)—t the model to data, and obtain equilibrium values both forward and backward in time from the data points to which the model is initially—t.

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“The central issue of the book is transition from theoretical description of an economy to real-life applications of the theory. … The book could serve as a textbook for advanced undergraduate students or graduate students (e.g. in an Applied General Equilibrium course) or as a companion book for any person willing to apply the theory to real-life problems.”­­­ (Piotr Mackowiak, Zentralblatt MATH, Vol. 1198, 2010)

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Product Details

  • ISBN-13: 9780387773575
  • Publisher: Springer New York
  • Publication date: 10/13/2009
  • Edition description: 2010
  • Edition number: 1
  • Pages: 330
  • Product dimensions: 9.21 (w) x 6.14 (h) x 0.81 (d)

Table of Contents

Introduction.- The Preliminaries.- The Two Sector Ramsey Model.- The Three Sector Ramsey Model.- Extensions of the Three Sector Model.- The World Model.- Coding and Solving Growth Models.- Chapter VIII.- Chapter IX.

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