Macroeconomics From The Bottom Up

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Macroeconomics From The Bottom Up

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Author : Domenico Delli Gatti
language : en
Publisher: Springer Science & Business Media
Release Date : 2011-04-18

Macroeconomics From The Bottom Up written by Domenico Delli Gatti and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-04-18 with Business & Economics categories.

This book arose from our conviction that the NNS-DSGE approach to the analysis of aggregate market outcomes is fundamentally flawed. The practice of overcoming the SMD result by recurring to a fictitious RA leads to insurmountable methodological problems and lies at the root of DSGE models’ failure to satisfactorily explain real world features, like exchange rate and banking crises, bubbles and herding in financial markets, swings in the sentiment of consumers and entrepreneurs, asymmetries and persistence in aggregate variables, and so on. At odds with this view, our critique rests on the premise that any modern macroeconomy should be modeled instead as a complex system of heterogeneous interacting individuals, acting adaptively and autonomously according to simple and empirically validated rules of thumb. We call our proposed approach Bottom-up Adaptive Macroeconomics (BAM). The reason why we claim that the contents of this book can be inscribed in the realm of macroeconomics is threefold: i) We are looking for a framework that helps us to think coherently about the interrelationships among two or more markets. In what follows, in particular, three markets will be considered: the markets for goods, labor and loanable funds. In this respect, real time matters: what happens in one market depends on what has happened, on what is happening, or on what will happen in other markets. This implies that intertemporal coordination issues cannot be ignored. ii) Eventually, it’s all about prices and quantities. However, we are mostly interested in aggregate prices and quantities, that is indexes built from the dispersed outcomes of the decentralized transactions of a large population of heterogeneous individuals. Each individual acts purposefully, but she knows anything about the levels of prices and quantities which clear markets in the aggregate. iii) In the hope of being allowed to purport scientific claims, BAM relies on the assumption that individual purposeful behaviours aggregates into regularities. Macro behaviour, however, can depart radically from what the individual units are trying to accomplish. It is in this sense that aggregate outcomes emerge from individual actions and interactions.

Complexity And The Art Of Public Policy

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Author : David Colander
language : en
Publisher: Princeton University Press
Release Date : 2016-02-16

Complexity And The Art Of Public Policy written by David Colander and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-02-16 with Business & Economics categories.

How ideas in complexity can be used to develop more effective public policy Complexity science—made possible by modern analytical and computational advances—is changing the way we think about social systems and social theory. Unfortunately, economists' policy models have not kept up and are stuck in either a market fundamentalist or government control narrative. While these standard narratives are useful in some cases, they are damaging in others, directing thinking away from creative, innovative policy solutions. Complexity and the Art of Public Policy outlines a new, more flexible policy narrative, which envisions society as a complex evolving system that is uncontrollable but can be influenced. David Colander and Roland Kupers describe how economists and society became locked into the current policy framework, and lay out fresh alternatives for framing policy questions. Offering original solutions to stubborn problems, the complexity narrative builds on broader philosophical traditions, such as those in the work of John Stuart Mill, to suggest initiatives that the authors call "activist laissez-faire" policies. Colander and Kupers develop innovative bottom-up solutions that, through new institutional structures such as for-benefit corporations, channel individuals’ social instincts into solving societal problems, making profits a tool for change rather than a goal. They argue that a central role for government in this complexity framework is to foster an ecostructure within which diverse forms of social entrepreneurship can emerge and blossom.

Bottom Up Default Analysis Of Corporate Solvency Risk

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Author : Mr.Jorge A. Chan-Lau
language : en
Publisher: International Monetary Fund
Release Date : 2017-06-15

Bottom Up Default Analysis Of Corporate Solvency Risk written by Mr.Jorge A. Chan-Lau and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-06-15 with Business & Economics categories.

This paper suggests a novel approach to assess corporate sector solvency risk. The approach uses a Bottom-Up Default Analysis that projects probabilities of default of individual firms conditional on macroeconomic conditions and financial risk factors. This allows a direct macro-financial link to assessing corporate performance and facilitates what-if scenarios. When extended with credit portfolio techniques, the approach can also assess the aggregate impact of changes in firm solvency risk on creditor banks’ capital buffers under different macroeconomic scenarios. As an illustration, we apply this approach to the corporate sector of the five largest economies in Latin America.

Macroeconomics

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Author : Brian A. Hunt
language : en
Publisher:
Release Date : 2016-12-21

Macroeconomics written by Brian A. Hunt and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-12-21 with Business & Economics categories.

Macroeconomics: Principles Deconstructed offers students a compelling, adventurous treatment of standard macroeconomic principles. The book takes an incentive-based, open-economy approach to Keynesian economics and challenges students to rethink policy approaches in order to tackle contemporary domestic and global economic challenges. While students will explore familiar macroeconomic topics such as supply and demand, fiscal and monetary policy, savings and investment, and economic growth, Macroeconomics challenges the traditional top-down view of macroeconomics and instead takes a bottom-up view which emphasizes the importance of microeconomic forces in shaping macroeconomic performance and policies. The text demonstrates the macroeconomy as a product of the behavior and performance of a multitude of interconnected microeconomic markets influencing national and global economic events. Macroeconomics helps students see the integral role they play in the global economy and how their choices at home shape macroeconomic outcomes around the world. The text is well-suited to courses in macroeconomics that want to examine and critique applied Keynesian economics principles in a post-2007-2009 financial crisis environment.

A Bottom Up Reduced Form Phillips Curve For The Euro Area

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Author : Thomas McGregor
language : en
Publisher: International Monetary Fund
Release Date : 2022-12-16

A Bottom Up Reduced Form Phillips Curve For The Euro Area written by Thomas McGregor and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-12-16 with Business & Economics categories.

We develop a bottom-up model of inflation in the euro area based on a set of augmented Phillips curves for seven subcomponents of core inflation and auxiliary regressions for non-core items. We use the model’s disaggregated structure to explore which factors drove the deterioration in forecasting performance during the pandemic period and use these insights to improve on the ability to forecast inflation. In the baseline, the projection for core inflation is centered above 3 percent at end-2023, while headline inflation is expected to drop quite sharply over 2023, with energy base effects pulling inflation down from the currently very elevated levels to below 3 percent by 2023q4. The confidence intervals around these projections are wide given elevated uncertainty. We argue that the bottom-up approach offers a useful complement to the forecasters toolbox – even in the current uncertain environment - by improving forecast accuracy, shedding additional light on the drivers of inflation and providing a framework in which to apply ex post judgement in a structured way.

Moving Out Of Poverty

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Author : Deepa Narayan
language : en
Publisher: World Bank Publications
Release Date : 2009-03-25

Moving Out Of Poverty written by Deepa Narayan and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-03-25 with Social Science categories.

'No matter if I fall, I get up again. If I fall 5,000 times, I will stand up another 5,000 times.' -- William, a 37-year-old from El Gorri n, Colombia Why and how do some people move out of poverty and stay out while others remain trapped? Most books on growth and poverty reduction are dominated by the perspectives of policy makers and academic experts. In contrast, 'Moving Out of Poverty: Success from the Bottom Up' presents the experiences of poor people who have made it out of poverty. The book's findings draw from the Moving Out of Poverty research conducted in communities in 15 countries in Africa, East Asia, Latin America, and South Asia. The authors synthesize the results of qualitative and quantitative research based on discussions with over 60,000 people in rural areas. They offer bottom-up perspectives on the processes and local institutions that play key roles in escapes from poverty. The study finds that there are no differences in the initiatives taken by the poor, the rich, and the upwardly mobile. What, then, explains the difference in outcomes? The authors demonstrate how in the face of deep social inequalities that block access to economic opportunities and local democracies individual initiative and empowerment by themselves are often not enough to escape poverty. This book will be of interest to all concerned with equity in an increasingly unequal world.

Rethinking Macroeconomics With Endogenous Market Structure

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Author : Marco Mazzoli
language : en
Publisher: Cambridge University Press
Release Date : 2019-12-19

Rethinking Macroeconomics With Endogenous Market Structure written by Marco Mazzoli and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-12-19 with Business & Economics categories.

The birth and death of firms is one of the main features of the business cycle. Yet mainstream DGSE macroeconomic models mostly ignore this phenomenon, thereby excluding any potential impact of economic policy on the probability of the birth and death of firms. Those DGSE models that do allow for this phenomenon do so at the cost of drastic simplifications, which effectively rule out causal links between the strategic interaction of industrial firms and the macroeconomy. This innovative new book develops a bottom-up, agent-based framework that shows how strategic interactions at the level of oligopolistic firms, and even at the level of individuals, affect entire industrial sectors and the equilibrium of the macroeconomy. It will appeal to academic researchers and graduate students working in computational economics, agent-based modelling and econophysics, as well as mainstream economists interested in learning more about alternatives to DGSE models in macroeconomics.

The Economics Of Climate Change Policies

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Author : Rainer Walz
language : en
Publisher: Springer Science & Business Media
Release Date : 2008-09-27

The Economics Of Climate Change Policies written by Rainer Walz and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-09-27 with Business & Economics categories.

In its latest Assessment Report, the Intergovernmental Panel on Climate Change (IPCC, 2007) projects that without further action the global average surface t- perature would rise by a further 1. 8–4. 0°C until the end of this century. But even if the rise in temperature could be limited to the lower end of this range, irreversible and possibly catastrophic changes are likely to occur. Consequently, the protection of the earth’s atmosphere requires substantial efforts to reduce CO and other green- 2 house gas emissions – especially in countries with very high per capita emissions. To limit the imminent rise in temperature, in the Kyoto-Protocol, the European Union has committed itself to reducing the emissions of greenhouse gases by 8% up to 2008–2012 compared to 1990 levels. Within the EU burden sharing agr- ment, some countries have to achieve even higher emissions reductions. Germany was assigned a reduction target of 21%. The entry into force of the Kyoto Protocol in February 2005 marks a first step towards meting global climate targets, but more ambitious action to reduce greenhouse gas emissions is needed after 2012, when the Kyoto targets expire. Under German presidency, the EU has committed itself to unilaterally reduce its greenhouse gas emissions until 2020 by 20%. In case a Post- Kyoto agreement can be reached, the EU reduction target would be 30% (CEU, 2007).

Assessing Corporate Vulnerabilities In Indonesia

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Author : Mr.Jorge A Chan-Lau
language : en
Publisher: International Monetary Fund
Release Date : 2017-04-26

Assessing Corporate Vulnerabilities In Indonesia written by Mr.Jorge A Chan-Lau and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-04-26 with Business & Economics categories.

Under adverse macroeconomic conditions, the potential realization of corporate sector vulnerabilities could pose major risks to the economy. This paper assesses corporate vulnerabilities in Indonesia by using a Bottom-Up Default Analysis (BuDA) approach, which allows projecting corporate probabilities of default (PDs) under different macroeconomic scenarios. In particular, a protracted recession and the ensuing currency depreciation could erode buffers on corporate balance sheets, pushing up the probabilities of default (PDs) in the corporate sector to the high levels observed during the Global Financial Crisis. While this is a low-probability scenario, the results suggest the need to closely monitor vulnerabilities and strengthen contingency plans.

Microeconomics For Dummies

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Author : Lynne Pepall
language : en
Publisher: John Wiley & Sons
Release Date : 2016-02-01

Microeconomics For Dummies written by Lynne Pepall and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-02-01 with Business & Economics categories.

Your no-nonsense guide to microeconomics The study of microeconomics isn't for the faint of heart. Fortunately, Microeconomics For Dummies is here to help make this tough topic accessible to the masses. If you're a business or finance major looking to supplement your college-level microeconomics coursework—or a professional who wants to expand your general economics knowledge into the microeconomics area—this friendly and authoritative guide will take your comprehension of the subject from micro to macro in no time! Cutting through confusing jargon and complemented with tons of step-by-step instructions and explanations, it helps you discover how real individuals and businesses use microeconomics to analyze trends from the bottom up in order to make smart decisions. Snagging a job as an economist is fiercely competitive—and highly lucrative. Having microeconomics under your belt as you work toward completing your degree will put you head and shoulders above the competition and set you on the course for career advancement once you land a job. So what are you waiting for? Analyze small-scale market mechanisms Determine the elasticity of products within the market systems Decide upon an efficient way to allocate goods and services Score higher in your microeconomics class Everything you need to make microeconomics your minion is a page away!