The Elements Of A Nonlinear Theory Of Economic Dynamics

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The Elements Of A Nonlinear Theory Of Economic Dynamics

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Author : Carl Chiarella
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06

The Elements Of A Nonlinear Theory Of Economic Dynamics written by Carl Chiarella 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.

Elements of a Nonlinear Theory of Economic Dynamics provides both a framework and a survey of its needs. First, principle results and techniques of the theory relevant to applications in dynamic economics are discussed, then their application in view of older endogenous cycle theories are considered in a unified mathematical framework. Models incorporating the government budget constraint and the Goodwin model are analysed using the method of averaging and the centre manifold theory. The dynamic instability problem is solved by placing models in a nonlinear framework.

Economic Dynamics

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Author : Giancarlo Gandolfo
language : en
Publisher: Springer Science & Business Media
Release Date : 1997

Economic Dynamics written by Giancarlo Gandolfo 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 1997 with Business & Economics categories.

Treating the mathematical methods used in the economic dynamics, this book shows how they are utilised to build and analyse dynamical models. Accordingly, the focus is on the methods, and every new mathematical technique introduced is followed by its application to select economic models. The mathematical methods coveredc range from elementary linear difference and differential equations and simultaneous systems to the qualitative analysis of non-linear dynamical systems. Stability considerations are stressed throughout, including many advanced topics. Bifurcation and chaos theory are also dealt with. The reader is guided through a step-by-step analysis of each topic, be it a mathematical method or an economic model. The Study Edition also provides the reader with solutions to the numerous exercises.

Elements Of A Non Linear Theory Of Economic Dynamics

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Author : C. Chiarella
language : en
Publisher:
Release Date : 1997-03-01

Elements Of A Non Linear Theory Of Economic Dynamics written by C. Chiarella and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997-03-01 with categories.

From Catastrophe To Chaos A General Theory Of Economic Discontinuities

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Author : J. Barkley Rosser
language : en
Publisher: Springer Science & Business Media
Release Date : 2000-06-30

From Catastrophe To Chaos A General Theory Of Economic Discontinuities written by J. Barkley Rosser 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 2000-06-30 with Business & Economics categories.

From Catastrophe to Chaos: A General Theory of Economic Discontinuities presents and unusual perspective on economics and economic analysis. Current economic theory largely depends upon assuming that the world is fundamentally continuous. However, an increasing amount of economic research has been done using approaches that allow for discontinuities such as catastrophe theory, chaos theory, synergetics, and fractal geometry. The spread of such approaches across a variety of disciplines of thought has constituted a virtual intellectual revolution in recent years. This book reviews the applications of these approaches in various subdisciplines of economics and draws upon past economic thinkers to develop an integrated view of economics as a whole from the perspective of inherent discontinuity.

Reconstructing Keynesian Macroeconomics Volume 1

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Author : Carl Chiarella
language : en
Publisher: Routledge
Release Date : 2012-03-29

Reconstructing Keynesian Macroeconomics Volume 1 written by Carl Chiarella and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-03-29 with Business & Economics categories.

This book represents the first of three volumes offering a complete reinterpretation and restructuring of Keynesian macroeconomics and a detailed investigation of the disequilibrium adjustment processes characterizing the financial, the goods and the labour markets and their interaction. It questions in a radical way the evolution of Keynesian macroeconomics after World War II and focuses on the limitations of the traditional Keynesian approach until it fell apart in the early 1970s, as well as the inadequacy of the new consensus in macroeconomics that emerged from the Monetarist critique of Keynesianism. Professors Chiarella, Flaschel and Semmler investigate basic methodological issues, the pitfalls of the Rational Expectations School, important feedback channels in the tradition of Tobin’s work, and theories of the wage-price spiral and the evidences for them. The book uses primarily partial approaches, the integration of which will be the subject of subsequent volumes. With its focus on Keynesian propagation mechanisms, the research in this book provides a unique alternative to the black-box shock-absorber approaches that dominate modern macroeconomics. Reconstructing Keynesian Macroeconomics should be of interest to students and researchers who want to look at alternatives to the mainstream macrodynamics that emerged from the Monetarist critique of Keynesianism.

Crises And Cycles In Economic Dictionaries And Encyclopaedias

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Author : Daniele Besomi
language : en
Publisher: Routledge
Release Date : 2013-03-01

Crises And Cycles In Economic Dictionaries And Encyclopaedias written by Daniele Besomi and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-03-01 with Business & Economics categories.

This book aims at investigating from the perspective of the major economic dictionaries the notions of economic crisis and cycle. The project consists in giving an extensive summary of a number of significant entries on this subject, with an introductory essay to each entry placing them (and the dictionary to which they belong) in their context, giving some details on the author of the dictionary entry, and assessing the entry’s (and its author’s) contribution. The broad picture (including the history of these encyclopedic tools) will be examined in the introductory essays.

Nonlinear Dynamical Economics And Chaotic Motion

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Author : Hans-Walter Lorenz
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06

Nonlinear Dynamical Economics And Chaotic Motion written by Hans-Walter Lorenz 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.

Usually, the first edition of a book still contains a multiplicity of typographic, con ceptional, and computational errors even if one believes the opposite at the time of publication. As this book did not represent a counterexample to this rule, the current second edition offers a chance to remove at least the known shortcomings. The book has been partly re-organized. The previously rather long Chapter 4 has been split into two separate chapters dealing with discrete-time and continuous time approaches to nonlinear economic dynamics. The short summary of basic properties of linear dynamical systems has been banned to an appendix because the line of thought in the chapter seems to have been unnecessarily interrupted by these technical details and because the book concentrates on nonlinear systems. This appendix, which mainly deals with special formal properties of dynamical sys tems, also contains some new material on invariant subspaces and center-manifold reductions. A brief introduction into the theory of lags and operators is followed by a few remarks on the relation between the 'true' properties of dynamical systems and their behavior observable in numerical experiments. Additional changes in the main part of the book include a re-consideration of Popper's determinism vs. inde terminism discussion in the light of chaotic properties of deterministic, nonlinear systems in Chapter 1. An investigation of a simultaneous price-quantity adjustment process, a more detailed inquiry into the uniqueness property of limit cycles, and a short presentation of relaxation oscillations are included in Chapter 2.

Omitted Variable Tests And Dynamic Specification

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Author : Björn Schmolck
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06

Omitted Variable Tests And Dynamic Specification written by Björn Schmolck 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.

This book deals with the omitted variable test for a multivariate time-series regression model. The empirical motivation is the homogeneity test for a consumer demand system. The consequences of using a dynamically misspecified omitted variable test are shown in detail. The analysis starts with the univariate t-test and is then extended to the multivariate regression system. The small sample performance of the dynamically correctly specified omitted variable test is analysed by simulation. Two classes of tests are considered: versions of the likelihood ratio test and the robust Wald test which is based on a heteroskedasticity and autocorrelation consistent variance-covariance estimator (HAC).

An Economic Theory Of Cities

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Author : Wei-Bin Zhang
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06

An Economic Theory Of Cities written by Wei-Bin Zhang 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.

Over more than two centuries the developmentofeconomic theory has created a wide array of different concepts, theories, and insights. My recent books, Capital and Knowledge (Zhang, 1999) and A TheoryofInternational Trade (Zhang, 2000) show how separate economic theories such as the Marxian economics, the Keynesian economics, the general equilibrium theory, the neoclassical growth theory, and the neoclassical trade theory can be examined within a single theoretical framework. This book isto further expand the frameworkproposed in the previous studies. This book is a part of my economic theory with endogenous population, capital, knowledge, preferences, sexual division of labor and consumption, institutions, economic structures and exchange values over time and space (Zhang, 1996a). As an extension of the Capital and Knowledge, which is focused on the dynamics of national economies, this book is to construct a theory of urban economies. We are concerned with dynamic relations between division of labor, division ofconsumption and determination of prices structure over space. We examine dynamic interdependence between capital accumulation, knowledge creation and utilization, economicgrowth, price structuresand urban pattern formation under free competition. The theory is constructed on the basisofa few concepts within a compact framework. The comparative advantage of our theory is that in providing rich insights into complex of spatial economies it uses only a few concepts and simplified functional forms and accepts a few assumptions about behavior of consumers, producers, and institutionalstructures.

Modular Pricing Of Options

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Author : Jianwei Zhu
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-04-17

Modular Pricing Of Options written by Jianwei Zhu 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 2013-04-17 with Business & Economics categories.

From a technical point of view, the celebrated Black and Scholes option pricing formula was originally developed using a separation of variables technique. However, already Merton mentioned in his seminal 1973 pa per, that it could have been developed by using Fourier transforms as well. Indeed, as is well known nowadays, Fourier transforms are a rather convenient solution technique for many models involving the fundamental partial differential equation of financial economics. It took the community nearly another twenty years to recognize that Fourier transform is even more useful, if one applies it to problems in financial economics without seeking an explicit analytical inverse trans form. Heston (1993) probably was the first to demonstrate how to solve a stochastic volatility option pricing model quasi analytically using the characteristic function of the problem, which is nothing else than the Fourier transform of the underlying Arrow /Debreu-prices, and doing the inverse transformation numerically. This opened the door for a whole bunch of new closed form solutions in the transformed Fourier space and still is one of the most active research areas in financial economics.