Near Rationality And Strategic Complementarity In A Macroeconomic Model
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Bounded Rationality And Strategic Complementarity In A Macroeconomic Model
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Author : Antúlio N. Bomfim
language : en
Publisher:
Release Date : 1996
Bounded Rationality And Strategic Complementarity In A Macroeconomic Model written by Antúlio N. Bomfim and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Decision making categories.
Motivated by recent developments in the bounded rationality and strategic complementarity literatures, we examine an intentionally simple and stylized aggregative economic model, when the assumptions of fully rational expectations and no strategic interactions are relaxed. We show that small deviations from rational expectations, taken alone, lead only to small deviations from classical policy- ineffectiveness, but that the situation can change dramatically when strategic complementarity is introduced. Strategic complementarity magnifies the effects of even small departures from rational expectations, producing equilibria with policy effectiveness, output persistence and multiplier effects.
Money Illusion And Strategic Complementarity As Causes Of Monetary Non Neutrality
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Author : Jean-Robert Tyran
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Money Illusion And Strategic Complementarity As Causes Of Monetary Non Neutrality written by Jean-Robert Tyran 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 2012-12-06 with Business & Economics categories.
In principle, money illusion could explain the inertial adjustment of prices after changes of monetary policy. Hence, money illusion could provide an explanation of monetary non-neutrality. However, this explanation has been thoroughly discredited in modern economics. As a consequence, economists have ever since the 1970s searched for alternative explanations for nominal rigidity. These explanations are all based on the assumption of fully rational economic agents, holding rational expectations. This book argues that money illusion has been prematurely dismissed as an explanation of monetary non-neutrality. Methods of experimental economics are used to investigate the real aggregate effects of money illusion. It is shown that money illusion in fact causes (short-run) real income effects if strategic complementarity prevails. Strategic complementarity is an important characteristic of naturally occurring macroeconomies and is a recurrent theme in most models explaining nominal rigidity.
Bounded Rationality In Macroeconomics
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Author : Thomas J. Sargent
language : en
Publisher: Oxford University Press, USA
Release Date : 1993
Bounded Rationality In Macroeconomics written by Thomas J. Sargent and has been published by Oxford University Press, USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Business & Economics categories.
How do people behave in new situations in which previous experience is not useful? The recent changes in Eastern Europe, for example, are unprecedented and there is not an available model on which to base the mechanisms that will govern the economics in this region. The concept of "bounded (orlimited) rationality" is being developed to analyze behavior in such situations. In this book Thomas Sargent describes and interprets the recent work in the area, especially in statistics, econometrics, networks and artificial intelligence. He focuses on examples designed to illustrate the issuesinvolved and the kinds of questions that are being asked and answered in this research. He points to further potential positive developments of the theory as well as some of its limitations.
Near Rationality And Strategic Complementarity In A Macroeconomic Model
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Author : Antulio N. Bomfim
language : en
Publisher:
Release Date : 1992
Near Rationality And Strategic Complementarity In A Macroeconomic Model written by Antulio N. Bomfim and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992 with Competition, Imperfect categories.
Competing Economic Theories
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Author : Sergio Nisticò
language : en
Publisher: Routledge
Release Date : 2002-03-14
Competing Economic Theories written by Sergio Nisticò and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-03-14 with Business & Economics categories.
Providing a contemporary overview of the debate amongst theoretical stands in economics, this book brings together contributions from a number of eminent scholars. It covers important issues in methodology and the history of thought, as well as economic analysis. The book is structured in five parts which: focus on the relevance of the history of economic ideas for current economic analysis centre on the role of classical theory of value and distribution contrast the equilibrium approach with an out-of-equilibrium perspective offer an evaluation of the legacy of Keynes in the light of the recent development of macroeconomics is dedicated to the issue of how institutions ought to be embedded in current economic theorising. Providing up-to-date, fresh and detailed perspectives on economic theory, this book will prove invaluable for students and academics in the fields of the history of economics, and contemporary economic theory.
Modeling Dynamics Optimization And Bioeconomics I
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Author : Alberto Adrego Pinto
language : en
Publisher: Springer
Release Date : 2014-06-20
Modeling Dynamics Optimization And Bioeconomics I written by Alberto Adrego Pinto and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-06-20 with Mathematics categories.
This volume explores the emerging and current, cutting-edge theories and methods of modeling, optimization, dynamics and bio economy. It provides an overview of the main issues, results and open questions in these fields as well as covers applications to biology, economy, energy, industry, physics, psychology and finance. The majority of the contributed papers for this volume come from the participants of the International Conference on Modeling, Optimization and Dynamics (ICMOD 2010), a satellite conference of EURO XXIV Lisbon 2010, which took place at Faculty of Sciences of University of Porto, Portugal and from the Berkeley Bio economy Conference 2012, at the University of California, Berkeley, USA.
Theory Of Macroeconomic Policy
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Author : Christopher Tsoukis
language : en
Publisher: Oxford University Press
Release Date : 2020-10-22
Theory Of Macroeconomic Policy written by Christopher Tsoukis and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-10-22 with Business & Economics categories.
Theory of Macroeconomic Policy reviews the theoretical foundations of macroeconomic, fiscal, and monetary, policy. It offers a panoramic view of macroeconomic theory, covering a wide range of topics that are not customarily dealt with in macroeconomics texts, as well as more standard material. Advanced theory is bridged with more elementary or intermediate material, and established models are reviewed alongside current research directions. There is an extensive review of empirical evidence on virtually every topic, supplemented by narrative accounts for various episodes. The policy implications of the various theories are emphasised throughout. The chapters are largely self-contained so that different courses can focus at different places. A 'Guidance for Further Study' Section and extensive bibliography give plenty of ideas for all levels of independent study, from Undergraduate Projects to MSc Dissertations to PhD Theses. Theory of Macroeconomic Policy presents a balance between: breadth as well as depth; analytical treatment and intuition; theory and evidence; vintage theories and current directions; theory and policy; (established) theory and debate. Theory of Macroeconomic Policy is an affirmation that there is a well-developed body of theory that is invaluable for an in-depth understanding of the macro-economy and policy; equally, there is much scope for critical discussion and debate.
Game Theory
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Author : Graham Romp
language : en
Publisher: Oxford University Press, USA
Release Date : 1997
Game Theory written by Graham Romp and has been published by Oxford University Press, USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Business & Economics categories.
Covering all the essential topics for undergraduate courses, this is the ideal student introduction to game theory. The book sets out the basics of the subject in a non-technical way. All discussion and explanation is clear, well structured, and entirely accessible to students of botheconomics and business.In addition to describing and explaining the basic theory, Game Theory uses illustrations and examples to show its application to realistic, topical, and interesting problems-ranging from strategic decision-making within companies to international environmental policy-making.The book also features exercises with accompanying solutions to allow the student to check progress throughout the course, and a guide to further reading at the end of each chapter.
Forecast Heterogeneity In The Business Cycle
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Author : Antúlio Neves Bomfim
language : en
Publisher:
Release Date : 1993
Forecast Heterogeneity In The Business Cycle written by Antúlio Neves Bomfim and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Business cycles categories.
Modern Macroeconomics
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Author : Brian Snowdon
language : en
Publisher: Edward Elgar Publishing
Release Date : 2005-01-01
Modern Macroeconomics written by Brian Snowdon and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-01-01 with Business & Economics categories.
Snowdon and Vane s book is extremely welcome. Indeed the authors examine, compare, and evaluate the evolution of the major rival stories comprising contemporary macroeconomic thought, but they also trace the development and interaction of key events and ideas as they occurred in the last century. Interviews with leading economists, one or two at the end of each chapter, also greatly help to shed light on this complexity. . . In sum, this is book which is very difficult to put down. Alessio Moneta, Journal of the History of Economic Thought It is not difficult to understand why this volume commands high praise from macroeconomic theorists, practitioners and teachers. It contains many interesting features that make it an excellent companion for both students and teachers of tertiary level macroeconomics. . . The authors present the material in a way that conveys to readers that macroeconomics is a living science , continually developing and still open to debate, controversy and competing policy prescriptions. In this respect it is a book that ought to be required reading for all teachers of the subject. It is also a valuable source of background reading for professional economists involved with economic policy making. Economic Outlook and Business Review . . . a wonderful history of macroeconomic thought from Keynes to the present, with an outstanding bibliography. It should be useful to undergraduates and graduate students as well as professional economists. Highly recommended. Steven Pressman, Choice Brian Snowdon and Howard Vane are well-known for their astute understanding of the main macroeconomic schools of thought and their skilled use of interviews with major figures. Here, they deploy a depth of scholarship in explaining the different schools and their key points of departure from one another. This book will be particularly useful to students looking for a clear, non-technical explanation of the main approaches to macroeconomics. Patrick Minford, Cardiff University, UK There are two steps to learning macroeconomics. First, to see it as it is today. Second, to understand how it got there: to understand the right and the wrong turns, the hypotheses that proved false, the insights that proved true, and the interaction of events and ideas. Only then, does one truly understand macroeconomics. This book is about step two. It does a marvellous job of it. The presentation is transparent, the interviews fascinating. You will enjoy, and you will learn. Olivier Blanchard, Massachusetts Institute of Technology, US In 40 years of teaching macroeconomics, there has been just one textbook that I have assigned year after year after year, namely, A Modern Guide to Macroeconomics by Snowdon, Vane and Wynarczyk. That altogether admirable book made clear to students what were, and are, the main intellectual issues in macroeconomics and did so with just enough formal modeling to avoid distortion by over-simplification. That book is now ten years old and the debate in macro has moved on. So there is good reason to welcome Snowdon and Vane back with this superb updated version. Axel Leijonhufvud, University of Trento, Italy This outstanding book avoids the narrow scope of most textbooks and provides an excellent guide to an unusually broad range of ideas. Thomas Mayer, University of California, Davis, US More than a decade after the publication of the critically acclaimed A Modern Guide to Macroeconomics, Brian Snowdon and Howard Vane have produced a worthy successor in the form of Modern Macroeconomics. Thoroughly extended, revised and updated, it will become the indispensable text for students and teachers of macroeconomics in the new millennium. The authors skilfully trace the origins, development and current state of modern macroeconomics from an historical perspective. They do so by thoroughly appraising the central tenets underlying the main competing schools of macroeconomic thought as well as their diverse policy imp