Stochastic Dynamic Macroeconomics: Theory and Empirical Evidence

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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.

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Product Details

  • ISBN-13: 9780195301625
  • Publisher: Oxford University Press, USA
  • Publication date: 1/28/2006
  • Pages: 224
  • Product dimensions: 9.30 (w) x 6.40 (h) x 0.90 (d)

Meet the Author

Gang Gong is Associate Professor of Economics and Management at Tsinghua University in Beijing, China, and co-author of The Forces of Economic Growth (2005).

Willi Semmler is Professor of Economics at New School University, at the Center for Empirical Macroeconomics at Bielefeld University, and Research Fellow at the Bernard Schwartz Center for Economic Policy Analysis. He is the author of Asset Prices, Booms, and Recessions (2003), co-author of The Forces of Economic Growth (2005), Dynamic Macroeconomics (1997), Disequilibrium, Growth, and Labor Market Dynamics (2001), Monetary and Fiscal Policy in the Euro-area (2005); editor of Monetary Policy and Unemployment: US, Euro-Area and Japan, (2005) and co-editor of the series Dynamic Modelling and Econometrics in Economics and Finance.

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Table of Contents

1 Solution methods of stochastic dynamic models 13
2 Solving a prototype stochastic dynamic model 33
3 Estimating and evaluating the stochastic dynamic model 51
4 Real business cycles : theory and solutions 63
5 Empirics of the standard real business cycle model 81
6 Asset market implications of real business cycles 97
7 Multiple equilibria and history dependence 113
8 Business cycles with a nonclearing labor market 127
9 Monopolistic competition, nonclearing markets, and technology shocks 161
10 Reflections and conclusions 175
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