Stochastic Dynamic Macroeconomics: Theory and Empirical Evidence

Stochastic Dynamic Macroeconomics: Theory and Empirical Evidence

by Gang Gong, Willi Semmler
     
 

This is a book on stochastic dynamic macroeconomics from a Keynesian perspective. It shows that including Keynesian features in intertemporal models considerably contributes to resolve major puzzles arising in the context of the Dynamic General Equilibrium (DGE) model. It also demonstrates that including microeconomic intertemporal behavior of economic agents in

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Overview

This is a book on stochastic dynamic macroeconomics from a Keynesian perspective. It shows that including Keynesian features in intertemporal models considerably contributes to resolve major puzzles arising in the context of the Dynamic General Equilibrium (DGE) model. It also demonstrates that including microeconomic intertemporal behavior of economic agents in macroeconomics is not inconsistent with Keynesian economics.

Product Details

ISBN-13:
9780195301625
Publisher:
Oxford University Press, USA
Publication date:
01/28/2006
Pages:
224
Product dimensions:
9.30(w) x 6.40(h) x 0.90(d)

Table of Contents

1Solution methods of stochastic dynamic models13
2Solving a prototype stochastic dynamic model33
3Estimating and evaluating the stochastic dynamic model51
4Real business cycles : theory and solutions63
5Empirics of the standard real business cycle model81
6Asset market implications of real business cycles97
7Multiple equilibria and history dependence113
8Business cycles with a nonclearing labor market127
9Monopolistic competition, nonclearing markets, and technology shocks161
10Reflections and conclusions175

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